Vesta Insurance Group plans to enter into the banking and non-standard auto markets as part of a strategy to increase profits. The Alabama-based company made the announcement at a recent meeting of the Alabama Securities Dealers Association.
As part of its strategy, Vesta will seek to leverage its strong distribution capabilities, and pursue fee-based income from specialty lines, as select reinsurance companies seek to utilize Vesta’s licensing qualifications.
The company has also hired Thomas J. Chana, former senior vice president at Banc One Securities Corp., to head the new banking initiatives and potential entry into the depository business. Vesta recently entered the life and annuity insurance business through its acquisition of a controlling interest in American Founders Financial Corporation on June 30.
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