Webster Financial to Sell Insurance Unit
Webster Financial Corp. has put its insurance subsidiary on the sales block, the result of a 10-month strategic review. The decision stems from a desire to focus on more profitable banking segments: commercial, consumer, and retail.Despite a sale of Webster Insurance, the Waterbury, Conn.-based bank would still offer policies at its branches.Webster Insurance sells $500 million of premiums and generates $40 million of revenue per year.
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