金融英语相关阅读指导文章欣赏
来源:学问馆 本文已影响2.51W人
来源:学问馆 本文已影响2.51W人
Citizens Financial Sells Three Insurance Agencies
Citizens Financial Group (Providence, RI) was a 'Top 25' bank insurance operation last year. That is not likely to be the case in the future.
With its announcement yesterday (March 1) that it was selling three insurance agencies to Hub International Ltd., a Chicago-based insurance brokerage, Citizens (assets: $155 billion) made clear that it sees little future in the full-line insurance brokerage business.
The agencies are Citizens Clair Insurance Group (Norristown, PA); Brewer & Lord (Norwell, MA); and Feitelberg Insurance (Fall River, MA). Collectively they have 19 offices in Pennsylvania, Massachusetts, and Rhode Island. Combined revenues were about $45 million last year.
The purchase price for the brokerages was $80 million (inclusive of tangible net worth), payable in cash on closing, as well as an earn-out based on future performance. The insurance agencies will continue to operate independently within the Hub International system.
The transaction was presented by the two companies more as a “strategic alliance” than an outright sale, promising “joint marketing efforts” that would bring a broader array of insurance products and services to Citizen's retail and commercial customers. Citizens Bank will continue to refer clients with insurance needs to the brokerages, presumably, even though they will now be owned by Hub and not Citizens.
“While we achieved both revenue growth and profitability in line with our strategies for the insurance brokerage business, we see a new opportunity to serve our customers by partnering with Hub International as our insurance broker of choice,” said Robert M. Mahoney, vice chairman of Citizens Financial Group. “Our strategic alliance with Hub International will expand our product offerings, locations and expertise, enhancing our competitive position.… We will be able to offer insurance products to corporate customers throughout our 13-state footprint, not just to customers in three local markets.”
In 2003, Citizens Financial, a wholly owned subsidiary of The Royal Bank of Scotland Group, purchased The Feitelberg Company, one of the largest insurance agencies in southeastern New England. With combined annual premiums of $325 million, the transaction made Citizens Bank, its operating bank, one of the largest bank/insurance brokerage operations in the United States. Citizens Clair and Brewer & Lord were acquired earlier, coming to Citizens as part of (larger) bank acquisitions.
Citizens, the eighth-largest commercial banking company in the United States ranked by deposits, was a 'Top 25' institution in Who's Who in Bank Insurance (2005 Edition).
The earn-out payments associated with the transaction will in the aggregate be at least $3 million. This will be payable over three years and, at Hub's option, in cash or a combination of cash and Hub common shares. Martin P. Hughes, HUB CEO, indicated that he expects total consideration for the transaction will be within Hub's target multiple of 5-7 times EBITDA (earnings before interest, taxes, depreciation and amortization). Closing of the acquisitions is expected to occur in April 2006 and is subject to the satisfaction of regulatory and other customary conditions.
2017中考语文阅读指导
经典励志文章阅读欣赏
关于冬至的文章欣赏
除夕夜手机短信祝福语阅读欣赏参考
送大家年初的春节祝福语短信阅读欣赏
留言板朋友寄语祝福阅读欣赏参考
有关除夕快乐段子阅读欣赏参考
法律的名言阅读欣赏
中考话题作文范文欣赏及指导
英语文章阅读读后感
中考语文指导:阅读与写作
英语励志短文欣赏
初中英语阅读文章欣赏
周国平散文阅读欣赏
金融英语辅导:经济英语报道
古代诗歌欣赏阅读
初中生经典阅读美文欣赏(多篇)
关于中考说明文阅读指导
关于碧涧别墅喜皇甫侍御相访的语文古诗阅读题赏析
关于情感的文章欣赏
探讨音乐欣赏与幼儿美术的相融与互促
情人节赋诗阅读欣赏
如何做小升初语文阅读理解指导
祝福腊八节吉祥语阅读欣赏参考
美文欣赏十指相扣
送朋友除夕快乐的祝福语短句阅读欣赏