USI expands in Northwest with purchase of employee benefits broker

USI Insurance Services L.L.C. has acquired Wallace Insurance Inc./Scott Insurance Services, a middle-market employee benefits broker based in Anchorage, Alaska.

Terms of the transaction were not disclosed.

The acquisition will expand USI’s footprint in the Northwest, the Valhalla, N.Y.-based insurance broker said in a statement.

“With this acquisition, we are partnering with seasoned insurance veterans who share in our goal of aggressively growing the middle-market client base in the Northwest,” said Christopher J. Prentice, Seattle-based regional CEO for USI’s Northwest region, in the statement.

Jeffrey A. Ranf, president and owner of Wallace Insurance Inc., has more than 30 years’ experience in employee benefits, while Paula M. Scott, owner of Scott insurance, has nearly 40 years of experience as a broker and consultant, the USI statement said.

Both Mr. Wallace and Ms. Scott, as well as their staff, will join USI’s Anchorage office.