Cadence Bank (NYSE: CADE) announced it has closed the previously disclosed sale of its insurance operations, Cadence Insurance, Inc., to Arthur J. Gallagher & Co. (NYSE: AJG) for $904 million in cash, subject to customary purchase price adjustments. The transaction will be effective at 11:59 p.m. CT today.
The transaction strategically positions Cadence 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 completion of this transaction is a testament to the significant value of the insurance business,” said Dan Rollins, chairman & CEO of Cadence Bank. “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.”
Cadence Insurance is an insurance brokerage business that specializes in commercial and personal property & casualty, employee benefits, business solutions, and risk management services. Cadence Insurance manages 30 offices in eight states across the Southeast and has consistently been recognized as a Best Places to Work by Business Insurance, Baton Rouge Business Report and Mississippi Business Journal. Its executive leadership, management and employees joined Gallagher in connection with the sale.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 billion in assets and over 350 branch locations across the South and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, and retirement plan management. Cadence is committed to a culture of respect, diversity, inclusion and belonging in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing Lender.
About Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
