W. R. Berkley Corp. has sold its interest in InsurBanc—the savings bank created by the Independent Insurance Agents & Brokers of America to serve independent agents—as part of a trend by insurance companies to divest their thrifts in an effort to avoid federal regulation.
The bank was sold to Connecticut Community Bank (CCB). William R. Berkley, chairman and CEO of W.R. Berkley Corp., is also chairman of CCB.
W.R. Berkley Corp. will receive approximately $15.5 million in cash and securities from CCB, that it expects to realize upon the closing of InsurBanc's holding company, Peyton Street. The corporation also received 493,051 preferred shares of CCB.
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