金融英語相關閲讀指導文章欣賞
Citizens Financial Sells Three Insurance Agencies
Citizens Financial Group (Providence, RI) was a 'Top 25' bank insurance operation last year. That is not likely to be the case in the future.
With its announcement yesterday (March 1) that it was selling three insurance agencies to Hub International Ltd., a Chicago-based insurance brokerage, Citizens (assets: $155 billion) made clear that it sees little future in the full-line insurance brokerage business.
The agencies are Citizens Clair Insurance Group (Norristown, PA); Brewer & Lord (Norwell, MA); and Feitelberg Insurance (Fall River, MA). Collectively they have 19 offices in Pennsylvania, Massachusetts, and Rhode Island. Combined revenues were about $45 million last year.
The purchase price for the brokerages was $80 million (inclusive of tangible net worth), payable in cash on closing, as well as an earn-out based on future performance. The insurance agencies will continue to operate independently within the Hub International system.
The transaction was presented by the two companies more as a “strategic alliance” than an outright sale, promising “joint marketing efforts” that would bring a broader array of insurance products and services to Citizen's retail and commercial customers. Citizens Bank will continue to refer clients with insurance needs to the brokerages, presumably, even though they will now be owned by Hub and not Citizens.
“While we achieved both revenue growth and profitability in line with our strategies for the insurance brokerage business, we see a new opportunity to serve our customers by partnering with Hub International as our insurance broker of choice,” said Robert M. Mahoney, vice chairman of Citizens Financial Group. “Our strategic alliance with Hub International will expand our product offerings, locations and expertise, enhancing our competitive position.… We will be able to offer insurance products to corporate customers throughout our 13-state footprint, not just to customers in three local markets.”
In 2003, Citizens Financial, a wholly owned subsidiary of The Royal Bank of Scotland Group, purchased The Feitelberg Company, one of the largest insurance agencies in southeastern New England. With combined annual premiums of $325 million, the transaction made Citizens Bank, its operating bank, one of the largest bank/insurance brokerage operations in the United States. Citizens Clair and Brewer & Lord were acquired earlier, coming to Citizens as part of (larger) bank acquisitions.
Citizens, the eighth-largest commercial banking company in the United States ranked by deposits, was a 'Top 25' institution in Who's Who in Bank Insurance (2005 Edition).
The earn-out payments associated with the transaction will in the aggregate be at least $3 million. This will be payable over three years and, at Hub's option, in cash or a combination of cash and Hub common shares. Martin P. Hughes, HUB CEO, indicated that he expects total consideration for the transaction will be within Hub's target multiple of 5-7 times EBITDA (earnings before interest, taxes, depreciation and amortization). Closing of the acquisitions is expected to occur in April 2006 and is subject to the satisfaction of regulatory and other customary conditions.
-
金融專員崗位職責(經典15篇)
在不斷進步的時代,很多場合都離不了崗位職責,制定崗位職責可以有效地防止因職務重疊而發生的工作扯皮現象。擬起崗位職責來就毫無頭緒?下面是小編收集整理的金融專員崗位職責,希望能夠幫助到大家。金融專員崗位職責11、收集反饋終端市場金融保險需求;2、對接保險公...
-
金融崗位職責【實用】
在生活中,接觸到崗位職責的地方越來越多,任何崗位職責都是一個責任、權力與義務的綜合體,有多大的權力就應該承擔多大的責任,有多大的權力和責任應該盡多大的義務,任何割裂開來的做法都會發生問題。那麼什麼樣的崗位職責才是有效的呢?以下是小編整理的金融崗位職責,希...
-
金融崗位職責(優秀15篇)
現如今,崗位職責的使用頻率呈上升趨勢,崗位職責主要強調的是在工作範圍內所應盡的責任。那麼崗位職責的格式,你掌握了嗎?以下是小編收集整理的金融崗位職責,希望對大家有所幫助。金融崗位職責1職責描述:1、負責支付產品的`測試工作;2、參與產品需求評審,制定測試策...
-
金融銷售述職報告[通用]
在現在社會,報告有着舉足輕重的地位,我們在寫報告的時候要注意語言要準確、簡潔。那麼一般報告是怎麼寫的呢?以下是小編整理的金融銷售述職報告,歡迎閲讀與收藏。金融銷售述職報告1尊敬的公司領導、親愛的同仁們:光陰如梭,20xx年轉眼即過,一轉眼,我到奧通營銷公司已經...