As banking companies from coast to coast buy agencies to get into the property/casualty insurance business, Fifth Third Bancorp, for one, is getting out.In late December, the Cincinnati-based regional banking company announced it agreed to sell its property/casualty insurance operation to Hub International Ltd., an insurance agency based in Chicago, for an undisclosed amount of cash.
Though Fifth Third is the first major bank with an insurance agency unit to become a seller, industry observers said the deal came as no surprise because they did not think the company was committed to the product line in the first place.
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