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Report Names Top Banks in Insurance

By staff Writer

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Wells Fargo & Company was the top bank insurer in 2009, according to a study by the Bank Insurance Market Research Group.

Also in the top 10: Citigroup Inc., BB&T Corp., Bank of America Merrill Lynch, Regions Financial Corp., JP Morgan Chase & Company, BancorpSouth Inc., Huntington National Bank, Eastern Bank Corp., and TD Bank US.

Eastern Bank and TD Bank joined the ranks of the top 10 for the first time since BIMRG, Mamaroneck, N.Y., began publishing its Who’s Who in Bank Insurance (WWBI) study in 2005.

Although property & casualty insurance remained as the leading insurance line for most of the banks surveyed, WWBI found a rise in individual life revenues among participants. The typical bank in the WWBI 2010 survey had a median of $300,000 in revenues from individual life insurance in fiscal 2009, up from only $100,000 in FY 2008.

-Trevor Thomas

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