S&T Bancorp of Indiana, Pa. and Webster Financial Corp. of Waterbury, Conn. have been cited as leaders in the bank-insurance industry.
“These bank-owned agencies are the clear leaders of our industry,” said Beth Climo, executive director of the American Bankers Insurance Association. She said they offer “some of the best examples of banks in the insurance business today especially in the commercial property and casualty field.”
The two bank-owned agencies were highlighted in ABIA’s 2005 Case Studies of Leading Banks in Insurance. They were judged on their commercial insurance growth and productivity, as well as their integration of banking and insurance and their leadership in the field.
S&T Bancorp, formed in 1902, is a $3 billion financial holding company with 51 offices. It has two wholly-owned subsidiaries, S&T Bank and 9th Street Holdings, Inc. S&T Bank acquired Evergreen Insurance Associates, Inc., a multi-line insurance agency, in August 2002.
Webster Financial Corp is a $17.4 billion holding company for Webster Bank, National Association and Webster Insurance and has more than 200 branches on Connecticut, New York and Massachusetts. Webster Bank owns the insurance premium finance company Budget Installment Corp. and provides health savings account trustee and administrative services through HSA Bank.
According to ABIA, banks across the nation generated more than $40 billion in insurance revenues in 2004.
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