The Bank Slate


BOK Financial to sell insurance business

The list of banks selling insurance businesses keeps getting longer.

BOK Financial in Tulsa, Okla., has agreed to sell BOK Financial Insurance to USI Insurance Services in Valhalla, N.Y. The sale will result in a $28 million pretax gain.

The $49 billion-asset BOK Financial plans to use the gain to realize an equivalent amount of securities losses and reposition into higher-yielding securities. This will generate a net benefit to recurring earnings.

“We are so pleased to transition the talented BOK Financial Insurance team to an environment where they can continue to deliver excellent service to our clients while having access to USI’s expanded set of tools, resources and expertise,” Scott Grauer, BOK Financial’s wealth management executive, said in the release.

Goldman Sachs and Frederic Dorwart Lawyers advised BOK Financial. Arnold & Porter advised USI.

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