BOK Financial sells insurance brokerage to USI; pre-tax gain of $28M, securities repositioning

BOK FINANCIAL CORP

BOK Financial Insurance (employee benefits, risk management, P&C) sold to USI Insurance Services.
Pre-tax gain of $28M after expenses; proceeds used to realize AFS portfolio losses and reinvest in higher-yielding securities.
All 45 BOK Financial Insurance employees will join USI; Goldman Sachs acted as financial advisor.
Transaction expected to generate net benefit to recurring earnings on a go-forward basis.

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