Colonnade Closes its Third Insurance Premium Finance Transaction of 2024

Rhea-AI Summary

Pathward Financial (Nasdaq: CASH) has completed the sale of its commercial insurance premium finance business to AFS IBEX Financial Services, a subsidiary of Honor Capital Holdings. Honor, one of the nation's largest independent insurance premium finance companies, operates through offices in Massachusetts, New York, Florida, Texas and California. Colonnade Securities acted as the exclusive financial advisor to Pathward in this transaction.

Positive

• Strategic divestment of non-core business unit
• Transaction successfully closed, indicating deal execution capability

Negative

• Reduction in business diversification
• Potential loss of revenue stream from premium finance business

Colonnade Advises Pathward Financial on the Sale of its Insurance Premium Finance Business to Honor Capital

CLEARWATER, Fla., Nov. 7, 2024 /PRNewswire/ -- Pathward Financial, Inc. (Nasdaq: CASH) announced that its wholly owned subsidiary Pathward®, N.A. ("Pathward"), an industry leading financial empowerment company driven by its purpose to power financial inclusion, has closed the sale of its commercial insurance premium finance business to AFS IBEX Financial Services, LLC, a subsidiary of Honor Capital Holdings, LLC ("Honor"). Through its subsidiaries, Honor originates and services premium finance loans and is one of the nation's largest independently owned insurance premium finance companies, with offices in Massachusetts, New York, Florida, Texas and California.

Colonnade Securities LLC served as exclusive financial advisor to Pathward.

About Pathward Financial, Inc.

Pathward Financial, Inc. (Nasdaq: CASH) is a U.S.-based financial holding company driven by its purpose to power financial inclusion. Through our subsidiary, Pathward®, N.A., we strive to increase financial availability, choice and opportunity across our Banking as a Service and Commercial Finance business lines. These strategic business lines provide end-to-end support to individuals and businesses. Learn more at www.pathwardfinancial.com.

About Colonnade Securities LLC

Colonnade Securities is a leading investment bank focused on the business services and financial services industries, with proven M&A expertise advising large institutions, private equity firms, and entrepreneurs on over $10 billion in transactions since 1999.

Media contact: Matt Magee, mmagee@coladv.com 

View original content:https://www.prnewswire.com/news-releases/colonnade-closes-its-third-insurance-premium-finance-transaction-of-2024-302299938.html

SOURCE Colonnade Securities LLC

FAQ

What business did Pathward Financial (CASH) sell in November 2024?

Pathward Financial sold its commercial insurance premium finance business to AFS IBEX Financial Services, a subsidiary of Honor Capital Holdings.

Who advised Pathward Financial (CASH) on the insurance premium finance business sale?

Colonnade Securities served as the exclusive financial advisor to Pathward Financial on the transaction.

Which states does Honor Capital operate in after acquiring Pathward's (CASH) premium finance business?

Honor Capital operates offices in Massachusetts, New York, Florida, Texas and California.