Tompkins Financial Corporation has divested its insurance subsidiary, Tompkins Insurance Agencies (TIA), selling it to Arthur J. Gallagher & Co for around $223m in cash. The sale is expected to deliver a pre-tax gain of$183m for Tompkins Financial. TIA, which has operated for a century and a half, provides property and casualty (P&C) insurance as well as employee benefits services in Pennsylvania and New York, US. Tompkins Financial CEO and president Stephen S. Romaine said: “It was in the long-term in ...