BOK Financial sells insurance business to USI

BOK Financial, a top 25 US-based bank, announced the sale of its risk management and employee benefits insurance brokerage and consulting business to USI Insurance Services.

All of BOK Financial Insurance’s 45 employees will join USI following the sale.

The transaction will result in a pre-tax gain of $28 million after considering transaction-related expenses.

“We are so pleased to transition the talented BOK Financial Insurance team to an environment where they can continue to deliver excellent service to our clients while having access to USI’s expanded set of tools, resources and expertise. We look forward to a long relationship with USI as we help clients grow and protect their assets.” – Scott Grauer, wealth management executive for BOK Financial.

“We are thrilled to welcome the clients and professionals from BOK Financial Insurance to the USI family. Together, we look forward to strengthening USI’s property and casualty, personal risk and employee benefits expertise in support of our current and future clients through this exciting partnership.” – Donald Woods, USI’s regional CEO.