Cadence anticipates the transaction, which is subject to customary closing conditions, will close in the fourth quarter of 2023.
What will this mean for me?
As a client of Cadence Insurance, the same team that you know and trust will continue to serve your insurance needs. You will get additional, industry-leading resources, including benefit and human resource consulting, specific industry vertical solutions and even more specialized coverage expertise, increased access to traditional domestic insurance carriers, and complete access to the world’s leading insurance markets. Over time, you will see “Cadence Insurance, a Gallagher Company” on communication from carriers, such as your insurance policy documents and invoices.
Cadence Bank has entered into an agreement to sell Cadence Insurance, Inc. to global insurance leader Arthur J. Gallagher & Co. (Gallagher). View Press Release Here
When is this happening?
The expected transaction closing date is anticipated to be prior to the end of 2023, subject to customary closing conditions.
Why was this decision made?
This has been an ongoing process with much research and reflection. Over the course of many meetings with Gallagher, we came to realize we have a shared culture, they respect and mirror our commitment to clients and teammates, and they focus on best-in-class service, just as we do. There are a great number of similarities between our organizations.
Cadence Insurance’s legacy began in 1882. For the last 24 years, we have had great support from our parent Cadence Bank, formerly BancorpSouth Bank. After 140-plus years of meeting client needs, we are combining with an exceptionally resourceful insurance organization as we look to broaden our capabilities and strength in the marketplace with the ultimate goal of serving our clients, partners, colleagues and communities even better.
Will I still work with the same team?
Yes. Our teams remain intact, and they’ll be able to leverage the even broader knowledge and expertise of the Gallagher team.
Are your locations changing?
The majority of our locations will not change. For the very few that will, we will notify clients in advance.
What will the future relationship with Cadence Bank look like?
We are grateful to Cadence Bank and look forward to continued relationships and collaboration with our banking colleagues. Even though we will become a part of Gallagher, we will still serve many clients who are also valued clients of Cadence Bank. There is tremendous mutual respect between Cadence Bank and Cadence Insurance, and both organizations are focused on fulfilling clients’ needs.
What do I need to do as a client?
There is nothing you need to do. You will soon start to see communications coming from us with updated branding as we will operate as “Cadence Insurance, A Gallagher Company” once the transaction closes. We will continue to update you with information regarding our transformation as needed.
What if I have questions?
If you have any questions, feel free to contact your risk advisor, benefits consultant, account manager or any other Cadence Insurance teammate with whom you are familiar. They will be happy to answer any questions you have.