Regions Financial in Birmingham, Ala., has acquired A.I. Group, an employee-benefits and insurance company in Alpharetta, Ga.
The $122 billion-asset Regions purchased A.I. Group for undisclosed financial terms. A.I. Group's managing partners, Dave Woodruff and Dan Murphy, and 39 of the company's employees will join the Regions Insurance subsidiary.
A.I. Group, which was established in 2000, is a provider of employee benefits consulting and insurance brokerage services. It operates two offices, in Alpharetta and Athens, Ga. Regions acquired its predecessor company, AI Insurance, in April 2014.
The deal is Regions' second acquisition of an insurance company in the past month, after its July 13 acquisition of the employees and customers of Ronald F. Holehouse Agency in St. Petersburg, Fla.