USI Insurance Services buys insurance broker TD Insurance
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Property/casualty insurance brokerage USI Insurance Services L.L.C. on Thursday said it has acquired insurance agency and brokerage TD Insurance Inc. for an undisclosed sum.
Briarcliff Manor, N.Y.-based USI said the acquisition of the insurance subsidiary of Cherry Hill, N.J.-based TD Bank N.A. is expected to add $58.2 million to USI's revenues on an annual basis.
The acquisition is expected to close in September, subject to customary conditions and antitrust review.
“TDI Inc. has fostered a customer-centric culture and reputation for delivering superior, cost-effective insurance solutions,” USI Chairman, President and CEO Mike Sicard said in a statement. “We will complement our mutual strengths for the benefit of clients, prospects and our great professionals, and together create a market leader with unique breadth and depth of resources.”
Joseph Fico, president and CEO of TDI Inc., said the deal will foster strategic growth opportunities.
“In joining forces with one of the pre-eminent middle-market insurance brokerage firms in the country, our customers will not only enjoy coordinated solutions and support at the local level, but can tap into USI's deep industry knowledge and competitively priced products that only a national firm with world-class resources can provide,” Mr. Fico said.
USI was named the ninth-largest broker of U.S. business in Business Insurance's 2012 rankings, while TD Insurance was ranked 45th.
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