Business
BOK Financial Corporation Sells Insurance Business to USI Insurance Services
Sale of employee benefits, risk management, and property & casualty business to one of the nation's largest insurance brokerage and consulting firmsTULSA, OK
About this update from Bok Financial Corporation
[{"type":"text","content":"Sale of employee benefits, risk management, and property & casualty business to one of the nation's largest insurance brokerage and consulting firmsTULSA, OK and VALHALLA, NY / ACCESSWIRE / December 1, 2023 / BOK Financial Corporation (NASDAQ:BOKF) today announced the sale of its risk management and employee benefits insurance brokerage and consulting business offered through BOK Financial Insurance, Inc. to USI Insurance Services (\"USI\"), one of the nation's leading insurance brokerage and consulting firms.This transaction will result in a pre-tax gain of $28 million after considering transaction-related expenses. BOK Financial will utilize this gain to realize an equivalent amount of losses in its available for sale securities portfolio and reposition into higher yielding securities. This will generate a net benefit to the company's recurring earnings on a go-forward basis.Headquartered in Denver, BOK Financial Insurance is a subsidiary of BOK Financial Corporation and a leading brokerage and consulting firm specializing in employee benefits and risk management programs. The company has additional offices located in Scottsdale and Oklahoma City. All of BOK Financial Insurance's 45 employees will join USI following the sale.\"We are so pleased to transition the talented BOK Financial Insurance team to an environment where they can continue to deliver excellent service to our clients while having access to USI's expanded set of tools, resources and expertise,\" said Scott Grauer, wealth management executive for BOK Financial. \"We look forward to a long relationship with USI as we help clients grow and protect their assets.\"Donald Woods, USI's Regional CEO, added, \"We are thrilled to welcome the clients and professionals from BOK Financial Insurance to the USI family. Together, we look forward to strengthening USI's property and casualty, personal risk and employee benefits expertise in support of our current and future clients through this exciting partnership.\"Goldman Sachs served as financial advisor on the transaction, and Frederic Dorwart Lawyers provided legal counsel to BOK Financial Corporation. Arnold & Porter provided legal counsel to USI.About BOK Financial Corporation BOK Financial Corporation is a $49 billion regional financial services company headquartered in Tulsa, Oklahoma, with $99 billion in assets under ...