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.

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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 transaction is expected to close early next year.

The private equity firm is planning to solicit interest in the Waltham, Massachusetts-based company in 2024, said the people, who asked not to be identified discussing confidential information.

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 acquisition will expand Aon's outreach in India's commercial risk, health and reinsurance sectors.

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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.