Bridgeport, Connecticut-based People’s United Bank plans to sell its insurance division to Florida-based AssuredPartners in a cash deal valued at $120 million.

People’s United said in a statement that it has entered into a definitive agreement to sell People’s United Insurance Agency (PUIA), with the transaction expected to close in the fourth quarter.

PUIA was founded more than 100 years ago and is a full-service insurance brokerage in the Northeast, providing commercial, personal and employee benefit insurance. PUIA has offices in Boston, Springfield, Raynham, as well as in New Hampshire, Vermont, Connecticut and New York.

Headquartered in Lake Mary, Florida, AssuredPartners was founded in 2011. It is an independent insurance agency that acquires and invests in insurance brokerage businesses across the U.S. and in the United Kingdom. AssuredPartners has locations across 34 states and offers property & casualty, risk management and personal insurance, in addition to employee benefits.

“This transaction allows People’s United to monetize its long-term investment in PUIA and simplify its operating model,” Jack Barnes, chairman and CEO of People’s United Bank, said in a statement. “It also allows us to focus additional resources on delivering core banking products and services, and to further enhance digital offerings across our commercial, retail and wealth management businesses. As part of AssuredPartners, PUIA and its customers will benefit from their strong client and service capabilities and extensive carrier access. Finally, I would like to thank our colleagues at PUIA for their meaningful contributions to People’s United over the years.”

People’s United Bank has $61 billion in assets and branches throughout Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.

The $120 million purchase price reflects a 3.7x multiple of the last 12 months’ revenue. Morgan Stanley & Co. LLC served as financial advisor and Hodgson Russ LLP served as legal counsel to People’s United.