Bank holding companies generated $3 billion in insurance brokerage fee income in the first quarter, down 5.7% from $3.2 billion in the comparable quarter in 2008, according to Michael White Associates.
MWA, Radnor, Pa., found that about 60% of BHCs engaged in insurance brokerage activities.
The top BHC insurance fee income generators were Wells Fargo & Company, San Francisco, with $483 million in insurance brokerage fee income; Citigroup Inc., New York, with $250 million; and BB&T Corp., Winston-Salem, N.C., with $227 million.
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