People’s United Bank said Thursday its parent reported an 11 percent profit increase in the third quarter and its insurance arm purchased a local brokerage agency that sells commercial lines and employee benefits.
People’s United Financial said its third quarter profits totaled $68.4 million, or 23 cents per share, compared to $61.6 million, or 21 cents per share, a year earlier.
Meantime, People’s United Insurance Agency acquired Bridgeport-based Kesten-Brown Insurance for an undisclosed price, the two sides announced.
“This transaction will further diversify revenues through additional non-interest income as well as bolster our insurance business. People’s United ranks as the 12th largest bank nationally in terms of insurance brokerage fee income,” said Jack Barnes, People’s United president and CEO.
Kesten-Brown Insurance, formed in 2000, is recognized for its expertise in serving larger commercial clients with a concentration in contractors, manufacturers, nonprofit organizations, and real estate development risks.
