The Bank Slate


Synchrony to sell pet insurance subsidiary

Synchrony Financial in Stamford, Conn., has agreed to sell its pet insurance unit.

The company disclosed in a regulatory filing that it will sell Pets Best Insurance Services to Poodle Holdings for a mix of cash and an equity stake in Independence Pet Holdings.

Synchrony said it expects to record a $750 million after-tax gain on sale, subject to adjustment.

The sale is expected to close in the first quarter.

A number of banks have been selling insurance businesses, taking advantage of high premiums for those businesses.

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