Capital One Financial Corp. is selling several insurance lines that it obtained through its 2005 acquisition of Hibernia Corp.
Julie Rakes, a spokeswoman for the $150 billion-asset McLean, Va., company, said it would sell the property/casualty and employee benefits brokerage businesses of Hibernia Insurance Agency to Hub International Ltd., a Chicago insurance agency.
She would not give a price for the deal, which is expected to close this quarter, but said that the businesses being sold had annual revenue of about $18 million.
A spokeswoman for Hub also declined to disclose the purchase price.
Ms. Rakes said Capital One would keep the agency's name, as well as its annuity and life insurance brokerage businesses.
The deal has no bearing on the status of insurance agencies that Capital One obtained through the December acquisition of North Fork Bancorp. in Melville, N.Y., Ms. Rakes said. North Fork has insurance operations in New York and California.
