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Bankinsurance.Com News 2011 Year in Review

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Bankinsurance.Com News 2011 Year in Review YEAR IN REVIEW 2 0 1 1 V O L U M E X I I I S S U E 13 YEAR IN REVIE W Michael White Associates is pleased to distribute BankInsurance.com News, a monthly electronic publication that reports the most important news stories in the bank insurance and investment marketplace. Visit BankInsurance.com regularly for timely industry news and analysis, as well as up-to-date information about MWA consulting products and services. No other site offers as much information, knowledge and understanding of the bank insurance and investment market as www.BankInsurance.com. Bank Insurance & Investment Acquisitions 2 Here is the one place to see who bought and sold what in the bank insurance and investment marketplace. In 2011, banks continued acquiring insurance agencies and broker-dealers. But, like the year before, some banks divested insurance and investment-related operations. Bank Insurance & Investment Fee Income Contributions to Earnings 18 This section looks at the progress the banking industry made in producing insurance brokerage income, annuity commissions, securities brokerage income, total investment program income, wealth management income and generating BOLI holdings. Plus, with data on approximately 6,750 banks and 930 large, top-tier bank holding companies, we examine the earnings reports of dozens of individual banking companies and, using our MWA Fee Income Ratings Reports and other reports, we measure, compare, rank and rate each institution’s fee income results. Bank Insurance & Investment Marketplace 84 Other events and forces besides domestic agency and broker-dealer acquisitions influenced the bank insurance and investment market in 2011. These included growth and expansion in the international bancassurance movement; domestic strategic alliances, partnerships, joint ventures, and marketing agreements; trends in commercial insurance premiums and life insurance applications; and slacking fixed annuity sales. Bank Insurance & Investment Legislation, Regulation & Litigation 108 The bank insurance and investment landscape in 2011 was shaped by allegations of deceptive sales practices, litigation over new federal healthcare law, charges of failure to disclose insurance policy features, continual short- term renewal of the national flood insurance program, registration of broker-dealer operations personnel, establishment of a federal advisory committee on insurance, a GAO study of debt protection products, and continued fallout from the financial services reforms and costs of the Dodd-Frank Act. 2 0 1 1 Y E A R I N R E V I E W VOLUME XII, ISSUE 13 BANK INSURANCE & INVESTMENT ACQUISITIONS - P AGE 2 JANUARY 17 - 23, 2011 acquisition will complement our estab- Bank Insurance WELLS FARGO lished presence in China, including the INSURANCE SERVICES recent incorporation of our wholly-owned & Investment BUYS KANSAS-BASED banking subsidiary, our equity interest in Acquisitions EMPLOYEE BENEFITS AGENCY Fullgoal Fund Management, and our M&A San Francisco, CA-based, $1.2 trillion- advisory services.” JANUARY 3 - 9, 2011 asset Wells Fargo & Co. unit Chicago- Lloyd George Management will retain CONNECTICUT’S based Wells Fargo Insurance Services its name, Robert Lloyd George will re- PEOPLE’S UNITED USA (WFIS) has acquired Overland Park, main chairman, and the company’s em- MERGES INSURANCE AGENCIES KS-based employee benefits brokerage ployees will be invited to continue with UNDER PEOPLES BRAND and consulting firm JFK Consulting Group LGM, when the deal closes in third quar- Bridgeport, CT-based, $20.4 billion-asset (JFK). The agency will operate under the ter 2011, pending regulatory approval. People’s United Bank has merged its WFIS name, but retain its personnel and insurance agency subsidiaries, including location and continue to serve business- JANUARY 17 - 23, 2011 Chittenden Insurance Group, Bank of es, associations and public sector em- STATE STREET GLOBAL ADVISORS Smithtown Insurance Agents and Bro- ployers in Kansas and Missouri. WFIS BUYS BANK OF IRELAND kers, R.C. Knox, and Beardsley Brown & East Executive Vice President Kevin Ken- ASSET MANAGEMENT Basset, into Peoples United Insurance ny said the acquisition helps strengthen Boston-based State Street Global Advi- Agency. Former Chittenden Insurance Wells Fargo’s commitment to maintaining sors (SSgA), the investment management Group President and CEO Daniel Cosey a strong presence in Kansas, where the unit of Boston, MA-based, $171.5 billion- serves as president and CEO of the newly acquired agency will work with asset State Street Corp., has acquired merged unit. local Wells Fargo & Co. brokers. WFIS Dublin, Ireland-based Bank of Ireland operates over 200 offices in 37 states Asset Management (BIAM) for $76.1 mil- JANUARY 10 - 16, 2011 and earlier this month announced it had lion, including $18.7 million net assets of WELLS FARGO acquired another employee benefits the business. The acquisition adds $34.7 INSURANCE SERVICES agency in Ohio. billion in assets managed to SSgA’s Ire- ACQUIRES DAYTON, OH In 2009, WFIS helped Wells Fargo & land operations. The acquired company EMPLOYEE BENEFITS AGENCY Co. generate $1.725 billion in insurance has retained its management team, staff San Francisco, CA-based, $1.2 trillion- brokerage income, which comprised and offices and been renamed State asset Wells Fargo & Co. unit Chicago- 4.2% of its noninterest income and 1.9% Street Global Advisors Ireland Limited. based Wells Fargo Insurance Services of its net operating revenue. The compa- State Street Global Advisors President USA (WFIS) has purchased Dayton, OH- ny ranked first in insurance brokerage and CEO Scott Powers said, “We are based employee benefits agency Prestige earnings among BHCs engaged in signifi- pleased to complete this acquisition of an Professional Plans (PPP). cant banking activities, according to organization that has built a strong fran- Former PPP owner Penny Profitt said, Michael White-Prudential Bank Insurance chise and a first-rate investment team “While we have a new name, our custom- Fee Income Report. that shares our focus on research and ers will continue to be served by the commitment to clients.” same team of insurance professionals” JANUARY 17 - 23, 2011 who will expand their offerings beyond BMO TO ACQUIRE HONG KONG JANUARY 24 - 30, 2011 employee benefits to include the broad INVESTMENT MANAGER LLOYD TOWNEBANK ACQUIRES range of WFIS insurance products. GEORGE MANAGEMENT NEWPORT NEWS AGENCY WFIS East Executive Vice President Toronto, Canada-based C$411.6 billion Hampton Roads, VA-based, $3.66 billion- Kevin Kenny said the company’s ex- (US$415.2 billion)-asset BMO Financial asset TowneBank, through Towne Insur- panded Dayton operations “will work Group (formerly Bank of Montreal) has ance Agency, has acquired Newport with our local Dayton bankers to provide agreed to acquire Hong Kong-based News, VA-based W.T. Chapin, a bonding customers with fully integrated financial Lloyd George Management (LGM), an services and general insurance agency. and insurance solutions for their busi- investment manager with $6 billion in TowneBank Chairman and CEO G. Rob- nesses.” assets under management and offices in ert Aston said the acquisition “will allow WFIS operates more than 200 offices London, Singapore, Mumbai, Florida as us to expand the services available to our in 37 states and in 2009 helped Wells well as Hong Kong. LGM Chairman Rob- bank and insurance clients while continu- Fargo & Co. generate $1.725 billion in ert Lloyd George said, “We have built ing our focus on providing exquisite ser- insurance brokerage income, which com- Asia’s leading independent boutique, vice.” The agency will maintain its man- prised 4.2% of its noninterest income and originally focused on China and India but agement team, staff and location and 1.9% of its net operating revenue. The now encompassing global emerging and operate as a Towne Insurance Agency company ranked first in insurance broker- frontier markets.” affiliate serving TowneBank’s banking age earnings among BHCs engaged in BMO Financial Private Client Group office in Newport News. significant banking activities, according to President and CEO and Bank of Montreal In 2009, Towne Insurance helped the Michael White-Prudential Bank (China) Chairman Gilles Ouellette said, TowneBank generate $14.8 million in Insurance Fee Income Report. “Wealth management is a key component insurance brokerage income, which com- of BMO’s Greater China strategy. This prised 18.6% of its noninterest income FOR MORE INFORMATION ON MICHAEL WHITE ASSOCIATES, LLC, PLEASE VISIT WWW.BANKINSURANCE.COM OR CALL 610 -254-0440. 2 0 1 1 Y E A R I N R E V I E W VOLUME XII, ISSUE 13 BANK INSURANCE & INVESTMENT ACQUISITIONS - P AGE 3 and 8.2% of its net operating revenue. The company ranked first in insurance brokerage earnings among BHCs with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report. FEBRUARY 7 - 13, 2011 BANK OF AMERICA TO SELL BALBOA TO AUSTRALIA’S QBE Charlotte, NC-based, $2.26 trillion-asset Bank of America (BofA) has agreed to sell the lender-placed (excepting mort- gage) insurance and voluntary property and casualty insurance assets and liabili- ties of Irvine, CA-based Balboa Insurance and its affiliates (Balboa) to Sydney, Aus- tralia-based QBE Insurance Group for $700 million in cash plus additional future payments. QBE will assume Balboa’s insurance liabilities in return for a reinsur- ance transaction with Balboa, which pro- vides the cash and assets needed to cov- er those liabilities. QBE has also agreed to retain Balboa’s employees and enter into an initial 10-year distribution agree- ment with BofA for lender-placed insur- ance, real estate-owned programs and certain voluntary consumer insurance products, including homeowners, con- tents and auto insurance. BofA will retain approximately $1.7 billion of Balboa’s remaining net tangible equity, which it intends to use for different purposes as Balboa’s insurance liabilities expire. QBE CEO Frank O’Halloran said, “The distribution agreement with BofA in the U.S.
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