BOK Monetary has bought its insurance coverage enterprise to brokering and consulting providers supplier USI Insurance coverage Providers (USI).
Headquartered in Denver, US, BOK Monetary Insurance coverage is a subsidiary of BOK Monetary.
It operates an middleman and a consulting firm specialising in offering worker advantages, threat administration, and P&C insurance coverage providers.
BOK Monetary Insurance coverage workplaces are additionally located in Oklahoma Metropolis and Scottsdale. Following the sale, all 45 workers of the insurance coverage firm will be a part of USI.
After deducting transaction prices, BOK Monetary anticipates a pre-tax acquire of $28m from the divesture.
BOK Monetary plans to make use of the proceeds to understand an equal quantity of losses in its portfolio of securities which are accessible on the market and reposition into higher-yielding securities.
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BOK Monetary wealth administration government Scott Grauer mentioned: “We’re so happy to transition the proficient BOK Monetary Insurance coverage staff to an atmosphere the place they will proceed to ship glorious service to our purchasers whereas gaining access to USI’s expanded set of instruments, assets and experience. We stay up for a protracted relationship with USI as we assist purchasers develop and shield their belongings.”
USI regional CEO Donald Woods mentioned: “We’re thrilled to welcome the purchasers and professionals from BOK Monetary Insurance coverage to the USI household. Collectively, we stay up for strengthening USI’s property and casualty, private threat and worker advantages experience in assist of our present and future purchasers by way of this thrilling partnership.”
Goldman Sachs and Frederic Dorwart Legal professionals had been BOK Monetary’s monetary and authorized advisers, respectively on the transaction.
Arnold & Porter served as USI’s authorized counsel.
In September 2023, non-public fairness firm Kohlberg Kravis Roberts (KKR) agreed to take a position greater than $1bn in USI.
Upon completion of the transaction, KKR is anticipated to change into the biggest single shareholder in USI, which has over 10,000 staff members throughout greater than 200 workplaces.
