Banking

The military-focused company, which operates an insurer and a $111.7 billion-asset bank, has tangled with regulators during Wayne Peacock's tenure. He will retire in the first half of 2025.

The Indiana bank said it struck a $40 million cash deal to sell its insurance brokerage to the Hilb Group. It joined a growing number of lenders announcing such transactions.

The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.

For the first time, a fixed-income sector — private credit — topped the list of favored assets in Goldman Sachs Asset Management's annual survey of global insurance companies.

The Charlotte, North Carolina, company has agreed to sell its remaining 80% stake in its insurance brokerage unit to raise billions of dollars in cash and extra capital. The "wild card" is how Truist will deploy them, one analyst says.

Banks' sales of insurance agencies for eye-popping multiples emerged as one 2023's notable trends. Though the bandwagon shows no sign of slowing, several prominent community banks appear to be holding on to their insurance operations.

Banks large and small are selling some or all of their insurance subsidiaries, enticed by the high prices they're being offered. Here's a rundown of the deals that were struck in 2023.

Integrating artificial intelligence into the world of banking and finance must be a cooperative effort between the industry and regulators. It's important that the discussions start now.

The Pennsylvania bank has agreed to sell its Exchange Underwriters subsidiary to World Insurance Associates for $30.5 million, saying that the deal will help pad its capital and liquidity.

Synchrony Financial bought Pets Best ahead of a pandemic-driven surge in the pet insurance business. Now it's selling the subsidiary for a $750 million after-tax gain.

Arthur J. Gallagher & Co. has been a prolific acquirer, purchasing the insurance brokerages from multiple banks over the last year. Its management has indicated it has another $3.5 billion that it can use for more deals.

The market could find out next year how well foreclosure prevention innovations and home equity protect borrowers from growing strains on affordability.

Proceeds from the sale provide the bank with "flexibility to evaluate and pursue various strategic initiatives to redeploy capital in support of our core banking business," Evans CEO David Nasca said.

The Southeast regional bank plans to use the deal's sizable proceeds to pay down wholesale borrowings and restructure its securities portfolio. Numerous banks have made similar moves in recent months.

The FDIC launched a campaign Wednesday to educate the public about the importance of deposit insurance, a move designed to counter lingering concerns arising from this spring's bank failures and the resurgence of imitation banks.

Truist Bank has agreed to pay licensing fees to USAA for the use of mobile-check-deposit technology that USAA says it invented.

Chubb's Banks and the Digital Wallet Race: The Embedded Insurance Strategy looks to gauge how fintechs and banks view embedded insurance.

M&T Bank, Truist Financial and Eastern Bankshares are among the banks that have sold all or part of their insurance subsidiaries over the last year. Though the price is right, analysts warn that when interest rates decline, sellers will be without a key source of fee income.

In the six states where credit score matters the most, a driver with no credit pays on average 94% more for car insurance than a driver with exceptional credit.

In the five states where credit score matters the least, a driver with no credit pays on average just 11% more for car insurance than a driver with outstanding credit.