People’s United consolidates insurance agencies

People’s United Financial Inc. said Tuesday morning it is consolidating its insurance agencies into a single unit called People’s United Insurance Agency. Daniel Casey, former president and chief executive of Chittenden Insurance has been tapped to lead the Bridgeport-based bank’s insurance division.
The bank said as of Jan. 1, 2011, R.C. Knox, Beardsley, Brown and Bassett, Chittenden Insurance Group, Bank of Smithtown Insurance Agents and Brokers Inc. will become part of the People’s United Insurance Agency and a single management team.

Implications are that some management positions will be cut resulting in cost savings down the road.

Rob Varnon