Cadence Bank is selling its insurance operations for nearly $1 billion.
Arthur J. Gallagher & Company, an American global insurance brokerage and risk management services firm headquartered in Chicago, announced Tuesday that it had signed a definitive agreement to acquire the Tupelo-based company’s insurance division.
“Cadence Insurance is a fast-growing agency with strong niche capabilities across construction, real estate, manufacturing, healthcare, and professional services. With a similar culture, a high-performing team, and a significant southeastern presence, there are immense long-term growth opportunities as part of Gallagher,” President and CEO Patrick Gallagher, Jr., said. “I look forward to welcoming…the nearly 800 Cadence Insurance colleagues to our growing Gallagher family of professionals.”
Cadence, an insurance brokerage business that specializes in commercial, personal property, casualty, employee benefits, business solutions, and risk management services anticipates the transaction, which is subject to standard closing conditions, to close in the fourth quarter of 2023.
The division’s executive leadership, management, and employees will join Gallagher following the sale.
“We have always liked the insurance business,” Dan Rollins, chairman & CEO of Cadence Bank, said. “Over the past 24 years, under exceptional leadership, the team has grown Cadence Insurance into the second largest bank-affiliated insurance brokerage in the country. The sale will allow us to focus on what we do best – building strong, long-lasting banking relationships, while also continuing to realize our long-term strategy. I have enjoyed working with the Cadence Insurance team immensely and have profound respect for what they do and how well they do it. On behalf of all of us at Cadence, we will miss them.”
Cadence Insurance manages 30 offices in eight states across the Southeast and has consistently been recognized as a “Best Place to Work” by Business Insurance, Baton Rouge Business Report, and Mississippi Business Journal.
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