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Why a small bank like First Mid-Illinois ignored the conventional wisdom 'Commercial banks buy property/casualty firms.' 'Private-equity will outbid you.' 'Leave the innovation to the big guys.' and bought a retail health-insurance agency.
December 8 -
The $6.1 billion-asset TowneBank acquired Invincia Insurance Solutions in Chesterfield, Total Insurance Planning in Midlothian and B.H. Baird Insurance in Warsaw.
October 9 -
Eastern Bank's 18-month-old innovation unit, run by startup veterans, is preparing to release its first product as the industry continues to allocate resources to internal tech labs while wondering when and how such efforts will pay off.
October 28
Eastern Bank in Boston has agreed to buy a health care insurance brokerage firm from Northwestern Mutual Life Insurance in Milwaukee.
The $9.6 billion-asset Eastern will acquire Northwestern Benefit Associates in Boston. The price and closing date were not disclosed.
Eastern plans to combine Northwestern Benefit's group benefits business will its Eastern Insurance Group unit. Northwestern Benefit's office at One Beacon Street will be rebranded as Eastern Insurance, giving Eastern 25 New England locations for its insurance business.
Northwestern Benefit was founded in 1984.
