It’s a marriage of titans as Cincinnati’s largest locally based bank, Fifth Third, has reached a deal to acquire one of the Ohio’s largest insurance agencies.
The deal between the nation’s 13th largest bank and RG McGraw Insurance Agency is expected to be completed by early March.
According to a report by the Cincinnati Business Courier, the deal will allow the bank to provide property and casualty coverage to its customers across its commercial banking, wealth management and personal banking business lines. The majority of the insurer’s business comes from the commercial market, with the personal market accounting for one third of its revenues.
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“This is a piece of the puzzle that’s been missing,” McGraw chief executive Mike McGraw said in the report. “We’re the first (to be acquired) but we’re certainly not the last.”
Quoting Howard McClure, Fifth Third’s president of insurance services, the report said that the bank expects to make two to three insurance acquisitions per year over the next few years as it beefs up its arsenal to cover its presence across 10 states in the US.
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