The banking industry has experienced mixed results in property-casualty insurance ventures, and smaller banks may drive the next round of agency acquisitions, according to consultants.
The observations came during the recent annual meeting of Columbus, Ohio-based Assurex Global Partners by Kevin Stipe and Jim Campbell, senior vice presidents with Atlanta-based Reagan Consulting.
Banks own an 8 percent market share in the commercial property-casualty market, the consultants said. Some 500 banks have invested a total of $5 billion in agencies, and 11 of the top 50 agencies now are bank-owned.
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