15 May Baldwin Krystyn Sherman Partners Announces Purchase of Cadence Insurance from Cadence Bancoporation
Baldwin Krystyn Sherman Partners Announces Purchase of Cadence Insurance from Cadence Bancoporation
Tampa, FL – May 15, 2018 —Baldwin Krystyn Sherman Partners (BKS-Partners), a Tampa, Florida based insurance brokerage and risk management firm, is pleased to announce its purchase of Cadence Insurance. Cadence Insurance, with offices in Houston, Texas, Galveston, Texas and Birmingham, Alabama will expand the BKS-Partners office footprint further across the Southeast.
The purchase was finalized on Monday, May 14, 2018. Terms of the acquisition were not disclosed.
Headquartered in Houston, Cadence Insurance has expertise in commercial insurance, employee benefits and private risk management. With more than 2,000 clients and 40 colleagues, Cadence crafts tailored solutions for successful individuals and businesses.
“Joining BKS-Partners allows us to leverage the resources of the fastest organically growing top 100 insurance advisory firms and further build on our commitment to best-in-class resources,” says Reed Moraw of Cadence Insurance, who will now lead the region for BKS-Partners. “We can continue to build on significant client resources, technical capabilities and capital for further growth. Our Texas- and Alabama-based teams will continue to focus on our clients and capitalize on a more robust suite of risk management services.”
“Combining Cadence, its professional team and clients with BKS-Partners is the culmination of years’ worth of work to bring BKS-Partners and our industry-leading services to key growth geographies in the Southeast,” says Elizabeth Krystyn, COO, BKS-Partners. “We are thrilled to work with their team and plan to make significant investments in order to fully deliver risk management results to their current and future clients.”
“When we made the decision to sell our interest in the insurance business and refocus our efforts on our core services, we were pleased to find BKS-Partners. They are a perfect fit to provide a seamless transition for our clients, solid return for our shareholders, and a place where our clients will find solid risk management counsel and insurance. We look forward to continuing to work with them and introduce their services to our clients,” explained Sam Tortorici, President and COO of Cadence Bancorporation.
“The purchase of Cadence Insurance is just the first step in the process of our journey, and we want to thank the Cadence Bancorporation team for their ongoing commitment to make this a successful transaction for all sides. We know that they had many options for buyers and to select us is validation of the confidence they have in our ability to deliver results for their clients,” says Krystyn.
Cadence Insurance inherited the BKS-Partners name upon completion of the transaction. Clients of Cadence Insurance can expect a seamless transition to the BKS-Partners brand.
|About Baldwin Risk Partners
BRP is an award-winning entrepreneur owned and inspired insurance distribution holding company delivering solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. BRP supports our Partners, clients, colleagues, insurers, and communities through the deployment of best in class resources and capital to drive organic and partnership growth. Together with our partner firms, we are innovating the industry by taking a holistic and tailored approach to risk management, insurance, and employee benefits. Our growth path includes increased geographic representation across the U.S., expanded client value propositions and new lines of insurance to meet the needs of evolving lifestyles, business risks, and healthcare funding. This year, BRP was ranked the # 3 Fastest Growing Broker by Business Insurance. BRP is a destination employer supported by an award-winning culture, powered by exceptional people and fueled by industry-leading growth and innovation.
About Cadence Bancorporation
Cadence Bancorporation (NYSE: CADE) is an $11.0 billion in assets regional bank holding company headquartered in Houston, Texas. Through its affiliates, Cadence operates 65 locations in Alabama, Florida, Mississippi, Tennessee and Texas as of March 31, 2018, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, commercial real estate, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and 55,000 ATMs. The Cadence team of 1,200 associates is committed to exceeding customer expectations and helping their clients succeed financially. Cadence Bank, N.A., Cadence Insurance, and Linscomb & Williams are direct or indirect subsidiaries of Cadence Bancorporation.