En vogue during the 1990s-early 2000s, banking institutions snapped up insurance agencies and brokerages, attracted by perceived cross-selling and revenue benefits. Today, however, some banks are considering selling the insurance arms once highly coveted.

In March 2006, Citizens Financial Group Inc. sold its three insurance agencies to Hub International Ltd., including Citizens Clair Insurance Group in Pennsylvania, Brew & Lord in Massachusetts, and Feitelberg Co in Massachusetts. This follows Fifth Third Bancorp's (in Cincinnati) divestiture of its insurance arm to Hub International Ltd. in 2003.

Other banks may mimic this trend in the months to come.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.