AssuredPartners completed the acquisition of People’s United Insurance Agency from People’s United Bank for $120m.

AssuredPartners, a national partnership of independent insurance brokers, completed the acquisition of People’s United Insurance Agency, a provider of commercial, personal, as well as employee benefit insurance solutions, from People’s United Bank, a community-based, regional bank, for $120m. “This transaction allows People’s United to monetize its long-term investment in PUIA and simplify its operating model. It also allows us to focus additional resources on delivering core banking products and services, and to further enhance digital offerings across our commercial, retail and wealth management businesses. As part of AssuredPartners, PUIA and its customers will benefit from their strong client and service capabilities and extensive carrier access. Finally, I would like to thank our colleagues at PUIA for their meaningful contributions to People’s United over the years,” Jack Barnes, People’s United Bank Chairman and CEO.