BOK Financial has sold its insurance business to brokering and consulting services provider USI Insurance Services (USI).

Headquartered in Denver, US, BOK Financial Insurance is a subsidiary of BOK Financial. 

It operates an intermediary and a consulting company specialising in providing employee benefits, risk management, and P&C insurance services. 

BOK Financial Insurance offices are also situated in Oklahoma City and Scottsdale. Following the sale, all 45 employees of the insurance company will join USI.

After deducting transaction costs, BOK Financial anticipates a pre-tax gain of $28m from the divesture. 

BOK Financial plans to use the proceeds to realise an equivalent amount of losses in its portfolio of securities that are available for sale and reposition into higher-yielding securities.

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BOK Financial wealth management executive Scott Grauer said: “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. We look forward to a long relationship with USI as we help clients grow and protect their assets.”

USI regional CEO Donald Woods said: “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 and Frederic Dorwart Lawyers were BOK Financial’s financial and legal advisers, respectively on the transaction.

Arnold & Porter served as USI’s legal counsel.

In September 2023, private equity company Kohlberg Kravis Roberts (KKR) agreed to invest more than $1bn in USI.

Upon completion of the transaction, KKR is expected to become the largest single shareholder in USI, which has over 10,000 team members across more than 200 offices.