The parent company of First Tennessee Bank is unloading its First Horizon Insurance Inc. division to Brown & Brown Inc., a move that reflects Memphis-based First Horizon National Corp.’s continued refinement of its focus on regional banking and capital markets.
Brown & Brown is one of the country’s largest insurance intermediaries. First Horizon Insurance is a property and casualty insurance agency that offers risk management services, employee benefits, personal lines and bonding to commercial clients and individuals in 40 states.
The sale is expected to close in the second quarter. The estimated impact to net income available to common shareholders is expected to be about $3 million.
First Horizon, meanwhile, will report first quarter earnings later this month, as well as host the company’s annual meeting of shareholders.