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Cadence Bank Completes the Sale of Cadence Insurance, Inc. to Arthur J. Gallagher & Co.
Cadence Bank (“Cadence” or the “Company”) (NYSE: CADE) announced it has closed the previously disclosed sale of its insurance operations, Cadence Insurance, Inc. (“Cadence Insurance”), to Arthur J. Gallagher & Co. (“Gallagher”) (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.
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