In June 2010, First Niagara Financial Group (Nasdaq: FNFG) agreed to divest its insurance premium finance business, Premium Payment Plan (“PPP”), through an exclusive referral and revenue sharing arrangement with Flatiron Capital, a division of Wells Fargo Bank, N.A. Terms of the transaction were not disclosed. Flatiron Capital is one of the largest premium finance companies in the United States.
Colonnade Securities LLC advised First Niagara and PPP on the transaction.