First National Bankshares of Florida Inc. has completed the sale of
Roger Bouchard Insurance Inc. to a group of investors led by the agency’s principals. Terms of the sale were not disclosed.
Founded in 1948, Bouchard Insurance is a full-service insurance agency offering all lines of commercial and personal insurance, including property and casualty, homeowners, automobile, health, life, workers’ compensation and employee benefits. The agency has full-service offices in Clearwater, Sarasota, Fort Myers, Kissimmee and Celebration.
“Our company was one of the first financial institutions to offer
insurance services after passage of the Financial Modernization Act of 1999, and we have benefited from this diversification,” said Kevin Hale, president and COO of First National Bankshares. “However,
with our pending merger with Fifth Third Bancorp, the opportunity arose to sell the insurance agency back to the principals. This will enable us to focus on our core business with the benefit for Fifth Third’s enhanced product set.”
As a stand-alone company, Bouchard Insurance will reportedly rank as one of the state’s largest independent insurance agencies with more than $30 million in revenue.
The agency will continue to be led by the current management team of
Rick Bouchard, Tim Bouchard, Ray Bouchard, Earl Horton and Sam Lupfer. No changes are anticipated in staffing and current customers will continue to be served by their local insurance offices and agents.
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