Tompkins Financial in Ithaca, N.Y., has sold its insurance agency.
The company said in a press release that it sold Tompkins Insurance Agencies to Arthur J. Gallagher for $223 million in cash, recording a pretax gain of $183 million.
“It was in the long-term interests of the TIA employees and customers to find a partner that best positioned them for continued success well into the future,” Stephen Romaine, Tompkins’ president and CEO, said in the release.
“We are confident our balance sheet provides us with the flexibility to invest a portion of the proceeds to replace the relative earnings of Tompkins Insurance over the near term, while also providing the capital to support strategic investments over the long term,” Romaine added.