Trustmark Announces Agreement to Sell Fisher Brown Bottrell Insurance, Inc. to Marsh & McLennan Agency LLC

Business Wire04-24

JACKSON, Miss., April 23, 2024--(BUSINESS WIRE)--Trustmark National Bank today announced that it has entered into a definitive agreement to sell its wholly owned subsidiary, Fisher Brown Bottrell ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2429178697?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/5b9DoODpVcuchYRa7JEPCg--~B/aD01MTI7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/12eb689ca4b245ba42798079405fa288","is_english":true,"pubTime":"2024-04-24 04:30","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2429178697","market":"us","top_or_hot":-1,"title":"Trustmark Announces Agreement to Sell Fisher Brown Bottrell Insurance, Inc. to Marsh & McLennan Agency LLC","media":"Business Wire","content":"<div>\n<p>JACKSON, Miss., April 23, 2024--(BUSINESS WIRE)--Trustmark National Bank today announced that it has entered into a definitive agreement to sell its wholly owned subsidiary, Fisher Brown Bottrell ...</p>\n\n<a href=\"https://finance.yahoo.com/news/trustmark-announces-agreement-sell-fisher-203000767.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Trustmark Announces Agreement to Sell Fisher Brown Bottrell Insurance, Inc. to Marsh & McLennan Agency LLC</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTrustmark Announces Agreement to Sell Fisher Brown Bottrell Insurance, Inc. to Marsh & McLennan Agency LLC\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-24 04:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/trustmark-announces-agreement-sell-fisher-203000767.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>JACKSON, Miss., April 23, 2024--(BUSINESS WIRE)--Trustmark National Bank today announced that it has entered into a definitive agreement to sell its wholly owned subsidiary, Fisher Brown Bottrell ...</p>\n\n<a href=\"https://finance.yahoo.com/news/trustmark-announces-agreement-sell-fisher-203000767.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"https://finance.yahoo.com/news/trustmark-announces-agreement-sell-fisher-203000767.html","article_id":"2429178697","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/5b9DoODpVcuchYRa7JEPCg--~B/aD01MTI7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/12eb689ca4b245ba42798079405fa288"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2429178697","pubTimestamp":1713904200,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"JACKSON, Miss., April 23, 2024----Trustmark National Bank today announced that it has entered into a definitive agreement to sell its wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc.,  to Marsh & McLennan Agency LLC for $345 million in cash. Trustmark National Bank is a wholly owned subsidiary of Trustmark Corporation .Scott Woods, President of FBBINSURANCE, commented, \"Trustmark has been an outstanding partner, supporting our growth and development. This next chapter in the life of the agency will serve as a catalyst for greater benefits for our clients and new opportunities for our associates as we gain enhanced access to MMA’s global resources. They are a world-class agency that is committed to their culture, customers, communities, and associates, and we look forward to joining their team.\"","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","BK4581":"高盛持仓","BK4139":"生物科技","MMC":"威达信集团","VIRI":"Virios Therapeutics, LLC","BK4211":"区域性银行","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","TRMK":"Trustmark Corporation","LU0238689110.USD":"贝莱德环球动力股票基金","BK4173":"保险经纪商","BK4559":"巴菲特持仓","BK4585":"ETF&股票定投概念","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC"},"translate_title":"Trustmark宣布同意将Fisher Brown Bottrell Insurance，Inc.出售给Marsh&McLennan Agency LLC","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MMC":1,"TRMK":1,"VIRI":1},"content_text":"JACKSON, Miss., April 23, 2024--(BUSINESS WIRE)--Trustmark National Bank today announced that it has entered into a definitive agreement to sell its wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc., (\"FBBINSURANCE\") to Marsh & McLennan Agency LLC for $345 million in cash. Trustmark National Bank is a wholly owned subsidiary of Trustmark Corporation (NASDAQGS: TRMK).\nTransaction Highlights\n\nThe sale of FBBINSURANCE, among the five largest bank-affiliated insurance brokerages in the nation and one of the largest agencies in the Southeast, is expected to allow Trustmark to capitalize on the strong valuation premiums in the insurance brokerage sector. The $345 million transaction value represents approximately 5.9 times FBBINSURANCE’s 2023 revenue and 28.0 times net income.\nEstimated after-tax proceeds of $228 million are expected to be used to reposition Trustmark’s balance sheet to increase earnings, elevate profitability, and enhance capital.\n\nDuane A. Dewey, President and CEO of Trustmark, stated, \"Trustmark entered the insurance brokerage business 25 years ago. Since then, the agency has grown from a single office in Jackson to ten offices across Mississippi, Alabama, and Florida to become one of the largest bank-affiliated insurance brokerages in the country, and one of the largest in the Southeast. The FBBINSURANCE team has done a tremendous job of building a premier agency through their dedication to providing risk management solutions and unparalleled service to their clients. With the quality of our team and the strength Marsh McLennan Agency brings to bear, we look forward to working with them in a new capacity.\"\nScott Woods, President of FBBINSURANCE, commented, \"Trustmark has been an outstanding partner, supporting our growth and development. This next chapter in the life of the agency will serve as a catalyst for greater benefits for our clients and new opportunities for our associates as we gain enhanced access to MMA’s global resources. They are a world-class agency that is committed to their culture, customers, communities, and associates, and we look forward to joining their team.\"\nPeter Krause, President and CEO of Marsh McLennan Agency’s Southeast region, commented, \"FBBINSURANCE’s strong regional presence, client-focused approach, and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the Southeast. I look forward to working with Scott and the entire FBBINSURANCE team in delivering best-in-class solutions that address the growing risk management and benefit needs of businesses and individuals in the region.\"\nFBBINSURANCE anticipates that the transaction, which is subject to standard closing conditions and regulatory approval, will close by the end of the second quarter of 2024. In connection with the sale, current leadership and employees of FBBINSURANCE are expected to join Marsh McLennan Agency.\nMorgan Stanley & Co. LLC and KPMG served as financial advisors and Covington & Burling LLP and Brunini, Grantham, Grower & Hewes PLLC served as legal counsel to Trustmark.\nAbout Trustmark\nTrustmark is a financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.\nAbout FBBINSURANCE\nFBBINSURANCE is among the five largest bank-affiliated insurance agencies in the U.S. and one of the largest agencies in the southeast, focusing on commercial, personal, and employee benefits insurance and surety. Headquartered in Jackson, Mississippi, FBBINSURANCE has 10 offices across Mississippi, Florida and Alabama and is licensed and doing business in all 50 states.\nForward-Looking Statements\nCertain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as \"may,\" \"hope,\" \"will,\" \"should,\" \"expect,\" \"plan,\" \"anticipate,\" \"intend,\" \"believe,\" \"estimate,\" \"predict,\" \"project,\" \"potential,\" \"seek,\" \"continue,\" \"could,\" \"would,\" \"future\" or the negative of those terms or other words of similar meaning. You should read statements that contain these words carefully because they discuss our future expectations or state other \"forward-looking\" information. These forward-looking statements include, but are not limited to, statements relating to anticipated future operating and financial performance measures, including net interest margin, credit quality, business initiatives, growth opportunities and growth rates, among other things, and encompass any estimate, prediction, expectation, projection, opinion, anticipation, outlook or statement of belief included therein as well as the management assumptions underlying these forward-looking statements. You should be aware that the occurrence of the events described under the caption \"Risk Factors\" in Trustmark’s filings with the Securities and Exchange Commission (SEC) could have an adverse effect on our business, results of operations and financial condition. Should one or more of these risks materialize, or should any such underlying assumptions prove to be significantly different, actual results may vary significantly from those anticipated, estimated, projected or expected.\nRisks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, actions by the Board of Governors of the Federal Reserve System (FRB) that impact the level of market interest rates, local, state, national and international economic and market conditions, conditions in the housing and real estate markets in the regions in which Trustmark operates and the extent and duration of the current volatility in the credit and financial markets, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels and slowdowns in economic growth, changes in our ability to measure the fair value of assets in our portfolio, material changes in the level and/or volatility of market interest rates, the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements, the demand for the products and services we offer, potential unexpected adverse outcomes in pending litigation matters, our ability to attract and retain noninterest-bearing deposits and other low-cost funds, competition in loan and deposit pricing, as well as the entry of new competitors into our markets through de novo expansion and acquisitions, economic conditions, changes in accounting standards and practices, including changes in the interpretation of existing standards, that affect our consolidated financial statements, changes in consumer spending, borrowings and savings habits, technological changes, changes in the financial performance or condition of our borrowers, greater than expected costs or difficulties related to the integration of acquisitions or new products and lines of business, cyber-attacks and other breaches which could affect our information system security, natural disasters, environmental disasters, pandemics or other health crises, acts of war or terrorism, and other risks described in our filings with the SEC.\nAlthough we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Except as required by law, we undertake no obligation to update or revise any of this information, whether as the result of new information, future events or developments or otherwise.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240423522949/en/\nContacts\nTrustmark Investor Contacts: Thomas C. OwensTreasurer and Principal Financial Officer601-208-7853\nF. Joseph Rein, Jr.Senior Vice President601-208-6898\nTrustmark Media Contact: Melanie A. MorganSenior Vice President601-208-2979","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429178697"}