Cadence Bank has completed the sale of its insurance operations to Arthur J Gallagher for $904m.
Cadence said the deal strategically positions the business “for long-term growth and success, allowing it to reinvest the capital from the sale into growing its core banking business and fulfilling its short- and long-term strategic initiatives”.
The deal is subject to customary purchase price adjustments.
Upon announcing the deal last month Cadence revealed it anticipated the transaction, which is subject to standard closing conditions, to close in the fourth quarter of 2023 and the benefits broker’s executive leadership, management and employees would join Gallagher following the sale.
Dan Rollins, chairman & CEO of Cadence Bank, said: “The completion of this transaction is a testament to the significant value of the insurance business.
“Over the past 24 years, we have enjoyed a strong partnership with Cadence Insurance, and we applaud their leadership and the entire team for their many contributions and commitment to serving their clients and communities.”
Morgan Stanley, MarshBerry, and Ernst & Young served as financial advisers and Hodgson Russ provided legal counsel to Cadence.
