Cadence Bank to sell insurance business to Arthur J Gallagher for $904 million

-Cadence Bank will sell its insurance brokerage unit to Arthur J Gallagher for $904 million to narrow its focus and redeploy capital to its core banking business, the lender said on Tuesday.

Banks have been retreating from secondary ventures to build capital and shore up their core franchises, as high borrowing costs and tough regulation threaten to upset growth. Illinois-based insurance brokerage Arthur J Gallagher said the deal will help its property, casualty and employee benefits presence in Texas and across several states in the Southeast.Its construction, real estate, manufacturing, healthcare, professional services and high-net-worth personal lines businesses will also get a boost, Arthur J Gallagher added.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.

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