First Horizon Continues Focus on Banking and Capital Markets With Sale of First Horizon Insurance
01 April 2011 - 7:22AM
First Horizon National Corp. (NYSE:FHN), through its principal
subsidiary First Tennessee Bank, has agreed to sell First Horizon
Insurance Inc. Through this sale First Horizon continues to refine
its focus on regional banking as First Tennessee Bank and capital
markets as FTN Financial.
First Horizon Insurance is being sold to Brown & Brown, Inc.
(NYSE:BRO), 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, subject to
satisfaction of customary closing conditions. The companies
expect to maintain business relationships after the closing.
Terms of the sale were not disclosed.
The estimated impact to net income available to common
shareholders is expected to be approximately $3 million
positive, to be recognized in the first quarter. Because the
transaction provides for a reconciliation process at and after
closing, additional future financial impacts are possible;
currently, those future impacts are expected to be immaterial.
Other Information
This press release contains forward-looking statements involving
significant risks and uncertainties. A number of important factors
could cause actual results to differ materially from those in the
forward-looking information. Those factors include general economic
and financial market conditions, including expectations of and
actual timing and amount of interest rate movements including the
slope of the yield curve, competition, customer and investor
responses to these conditions, ability to execute business plans,
geopolitical developments, recent and future legislative and
regulatory developments, natural disasters and items already
mentioned in this press release, as well as critical accounting
estimates and other factors described in FHN's recent filings with
the SEC. FHN disclaims any obligation to update any such factors or
to publicly announce the result of any revisions to any of the
forward-looking statements included herein or therein to reflect
future events or developments.
About First Horizon
The 5,300 employees of First Horizon National Corp. (NYSE:FHN)
provide financial services through about 180 First Tennessee Bank
locations in and around Tennessee and 18 FTN Financial Group
offices in the U.S. and abroad. First Tennessee has the leading
combined market deposit share in the counties where it does
business and one of the highest customer retention rates of any
bank in the country. FTN Financial is a capital markets industry
leader in fixed income sales, trading and strategies for
institutional clients in the U.S. and abroad. FHN has been
recognized as one of the nation's best employers by AARP and
Working Mother magazines. More information is available at
www.fhnc.com.
FHN-G
CONTACT: Jack Bradley, Media Relations
(901)523-4813
Aarti Bowman, Investor Relations
(901)523-4017
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