The deal, whose financial terms have not been disclosed, is subject to regulatory approval. Credit: Scott Graham/Unsplash

American bank holding company M&T Bank has signed a deal to sell M&T Insurance Agency (MTIA) to insurance brokerage Arthur J Gallagher.

The deal, whose financial terms have not been disclosed, is subject to regulatory approval.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The transaction is expected to close in the fourth quarter of this year.

The deal will allow the MTIA to leverage Arthur J Gallagher’s resources in the areas of global broking and insurance services operations.

However, the agency would continue to serve the M&T Bank’s footprint.

Being a retail insurance agency, MTIA caters to customers in Northeast and Mid-Atlantic areas of the US.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It offers customised health benefits and property and casualty products.

M&T head of institutional client services business Jennifer Warren said: “When we started to discuss the possibility of this transaction with Gallagher, it became immediately clear that this was the optimal company for both our customers and our employees.

“Our goal was to create a seamless transaction with a world-class company that stresses excellence in everything they do. We found that with Gallagher.”

Early this year, Gallagher acquired the remaining stake in Capsicum Reinsurance Brokers, increasing its ownership from 33% to 100%.

The acquired company was launched to serve as the reinsurance broking arm for Gallagher, eventually becoming the main treaty reinsurance outlet of the Gallagher group of companies.

It March 2020, Gallagher also purchased full-service wholesale insurance broker CMS, bolstering its presence in New York.