People's United agrees to sell insurance unit

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People’s United Financial in Bridgeport, Conn., has agreed to sell its insurance unit to AssuredPartners in Lake Mary, Fla.

The $61 billion-asset People’s United said in a press release Tuesday that it will sell People’s United Insurance Agency for $120 million in cash. The deal is expected to close in the fourth quarter.

"This transaction allows People's United to monetize its long-term investment in [the insurance agency] and simplify its operating model," Jack Barnes, the company’s chairman and CEO, said in the release.

The sale "also allows us to focus additional resources on delivering core banking products and services, and to further enhance digital offerings across our commercial, retail and wealth management businesses,” Barnes added.

Morgan Stanley and Hodgson Russ advised People's United.

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