USI Insurance buys N.Y. mid-market benefits broker

USI Insurance Services L.L.C. on Tuesday said it has closed the acquisition of Travers, O'keefe & Associates Inc., a middle-market employee benefits broker based in New York.

Terms of the transaction were not disclosed.

Travers, O'keefe's headquarters will be consolidated with Valhalla, N.Y.-based USI's New York office, while USI's Albany, N.Y., office will be merged with Travers, O'keefe's Saratoga, N.Y., office, USI said in a statement.

Founded in 1986, Travers, O'keefe specializes in employee benefits, providing benefits consulting, human resources services, compliance and employee support to midsize employers in a wide range of industries, USI said in the statement. Through this acquisition, USI said it will expand its presence in the Northeast region.

USI Holdings Corp., USI's parent, is the 10th-largest broker of U.S. business, according to Business Insurance's latest ranking.