M&T Bank in Buffalo, N.Y., has agreed to sell its insurance agency to Arthur J. Gallagher.
The $204 billion-asset bank said in a press release that it will sell M&T Insurance Agency in a deal that is expected to close in the fourth quarter. The price wasn’t disclosed.
The insurance agency specializes in property and casualty products, customized group benefits and surety solutions in the Northeast and Mid-Atlantic. Current leadership and direct employees of the agency are expected to join Gallagher.
“When we started to discuss the possibility of this transaction with Gallagher, it became immediately clear that this was the optimal company for both our customers and our employees,” Jennifer Warren, head of M&T’s institutional client services business, said in the release.
“Our goal was to create a seamless transaction with a world-class company that stresses excellence in everything they do,” Warren added. “We found that with Gallagher.”
Piper Sandler and Hodgson Russ advised M&T.