Hancock sells P&C lines to AssuredPartners
Financial services company Hancock Holding Company has sold its property/casualty and group benefits lines of business to AssuredPartners, a company that acquires and invests in insurance brokerage firms.
The lines of business being divested represent half of the company's 2013 insurance revenue. Hancock will retain its life and title insurance lines of business within Hancock and Whitney Insurance Agencies.
A referral programme has been established with AssuredPartners so that Hancock and Whitney can continue providing clients P&C insurance and employee group benefits services.
“The divestiture of these insurance lines supports our ongoing efforts to align our organizational structure with key opportunities, while building value for shareholders, clients, and associates,” said Carl Chaney, chief executive of Hancock Holding Company.
“In our strategic review of all business lines across the organisation, we determined that exiting these specific insurance business lines would allow us to both reinvest and refocus our efforts on potentially higher-return, revenue-generating initiatives. While this transaction is not part of our ongoing expense reduction initiative, it allows the company to focus on core banking and wealth management segments designed to achieve future efficiency goals.”
