Regions Bank continues to push ahead with its effort to expand its insurance business.
The Birmingham, Ala.-based bank acquired the A.I. Group, a provider of employee benefits consulting and insurance brokerage services with offices in Atlanta and Athens, Ga., according to a press release. It did not disclose financial terms of the deal.
As part of the acquisition, the A.I. Group's two managing partners and 39 associates will join Regions Insurance, one of four divisions that make up Regions' Wealth Management Group. With the new staff, the number of associates serving customers in Georgia and South Carolina now exceeds 100, the bank said.
The acquisition, announced Monday, is the latest move in the bank's effort to bolster its insurance business. In November 2012, Regions Insurance opened its first office in Atlanta, Ga., followed by the opening of another office in Columbia, S.C., in July 2013. It has also opened offices in St. Petersburg, Fla., Dallas, New Orleans, and Athens, Ga., over the past 18 months.
Regions Insurance serves customers across the country through a network of offices throughout the Southeast, Texas and Indiana. In addition to business and individual insurance, it provides employee benefits services, private health insurance exchanges and captive insurance services.
The business generated $33 million in second-quarter revenue, up 3.1% year-over-year, according to the bank's latest earnings release.
"We are pleased to welcome the A.I. Group to Regions Insurance as we continue to expand our presence and capabilities to meet the needs of a diverse group of clients," Curren Coco, CEO of Regions Insurance Group, said in a statement.