Sky Financial Group announced on Monday that it agreed to buy Picton Cavanaugh Inc., a Toledo-based insurance company, in a stock deal worth $7.5 million.

The deal is expected to help $7.2 billion-asset Sky Financial sell a full range of insurance products to its consumer and commercial customers. Picton Cavanaugh sells property, casualty, professional liability, health, life, and executive benefit insurance products.

As a subsidiary of Sky Financial, Picton Cavanaugh would retain its name and all of its employees. The acquisition is set to close during the second quarter.

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