BOK Financial announced the sale of its risk management and employee benefits insurance brokerage and consulting business offered through BOK Financial Insurance, Inc. to USI Insurance Services. This transaction will result in a pre-tax gain of $28 million after considering transaction-related expenses. BOK Financial will utilize this gain to realize an equivalent amount of losses in its available for sale securities portfolio and reposition into higher yielding securities. This will generate a net benefit to the company’s recurring earnings on a go-forward basis. Headquartered in Denver, BOK Financial Insurance is a subsidiary of BOK Financial Corporation and a leading brokerage and consulting firm specializing in employee benefits and risk management programs. The company has additional offices located in Scottsdale and Oklahoma City. All of BOK Financial Insurance’s 45 employees will join USI following the sale.
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