Since the Gramm-Leach-Bliley Act was passed in 1999, banks have been a major force in acquiring insurance brokers, says a new study.[@@]
Consultants Patrick T. Linnert and John M. Wepler of Marsh-Berry Inc., Concord, Ohio, report banks have been responsible for 30% of all broker acquisitions since 1999. The top 30 banks in insurance have amassed more that $3.4 billion in property/casualty and group health brokerage revenue. In addition, 25 of the nation's top 100 insurance brokers are now bank-owned, according to Linnert and Wepler.
Their comments are included in the new book, "Who's Who In Bank Insurance," by Andrew W. Singer, published jointly by the Bank Insurance and Securities Association, Wayne, Pa., and Marsh-Berry.
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