The banking industry has experienced mixed results in property-casualty insurance ventures, and smaller banks may drive the next round of agency acquisitions, according to Kevin Stipe and Jim Campbell, senior vice presidents with Atlanta-based Reagan Consulting, who spoke at an annual meeting of Assurex Global Partners.
Banks own an 8% market share in the commercial property-casualty market, the consultants noted. Some 500 banks have invested a total of $5 billion in agencies, and 11 of the top 50 agencies now are bank-owned.
Some banks have dissociated from agencies because they were underachievers; other agencies were too small to make a meaningful financial contribution, and some were inherited by new ownership and sold.
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