People’s United Bank N.A., a Bridgeport, Connecticut-based regional bank with nearly 400 retail locations in six states, announced that its subsidiary, People’s United Insurance Agency, has acquired Kesten-Brown Insurance, a Bridgeport, Connecticut-based insurance brokerage.
People’s United Bank said the acquisition would further diversify revenues through additional non-interest income as well as bolster its insurance business.
Kesten-Brown Insurance, formed in 2000, focuses on commercial lines and employee benefits. The firm has expertise in serving larger commercial clients with a concentration in contractors, manufacturers, non-profit organizations, and real estate development risks, the announcement said.
People’s United Insurance Agency provides insurance services for individuals and businesses including personal insurance, employee benefits and commercial insurance through a team of approximately 155 professionals. It has offices in Bridgeport and Hartford, Connecticut; Boston and Springfield, Massachusetts; Portsmouth, New Hampshire; Smithtown, New York; and Burlington and Rutland, Vermont.
People’s United Bank N.A. is a subsidiary of People’s United Financial Inc., a diversified financial services company with over $37 billion in assets. People’s United Bank, founded in 1842, is a community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
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