Banks Shy Away From Underwriting, But Seek Out Insurance Agency Acquisitions New bank-owned agencies hail new business opportunities as cross-selling grows
Bancassurance might never become the rage in this country that it is in Europe, as banks for the most part thus far have not been storming the walls of the insurance industry looking to get into the business of underwriting insurance risk.
Indeed, the fact that Citicorp spun off its property-casualty unit sent a strong message that all financial services sectors might not converge as quickly as people once thought in the aftermath of passage of the Gramm-Leach-Bliley Act in the waning days of the last century.
However, one area where the banks are making a big push is in the acquisition of insurance agencies.
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