The brokerage and financial service firm has announced some of the details of the agreement.
The latest insurance news from the financial service and brokerage firm, USI Insurance Services, from Briarcliff Manor, New York, is that it has entered into an agreement with TD Bank, N.A., in order to purchase the latter’s wholly owned TD Insurance Inc. U.S. subsidiary.
As of yet, the deal’s specific terms have yet to be released.
According to USI, the company anticipates that this new acquisition will bring in an additional $58.2 million in revenues every year. TD Insurance Inc. is currently among the largest insurers that are owned by a bank in the United States. It currently offers employee benefits as well as property and casualty coverage. This insurance news affects its more than 20 office locations stretching from Florida to Maine, where the majority are located in the Northeastern states.
This insurance news is centered around the subsidiary of the Toronto Dominion Bank, from Canada.
The TD Bank is based in Toronto, Canada, and is one of the top ten North American financial services companies. The companies have both confirmed that this new acquisition insurance news has to do only with the American subsidiary of the company and not with any of the Canadian business of the insurer.
USI currently has operations in 26 states, out of 100 offices. It is a Goldman Sachs Capital Partners portfolio company.
It is expected that the acquisition will be complete before the close of September. It is currently subject to the amended Hart-Scott-Rodino Antitrust Improvement Act of 1976 waiting period expiration or termination, as well as other customary conditions for this type of agreement.
A spokesperson from USI, Ed Bowler, explained that the initial discussions between the two organizations had started in the spring, earlier this year. He stated that USI found the “outstanding business reputation” in the United States of TD Insurance to be highly attractive. Bowler also added to this insurance news by saying that the TD U.S. insurance unit’s leadership team will continue to have “significant leadership roles” in USI when the acquisition is complete.