USI Insurance Services, a brokerage and financial use organisation formed in Briarcliff Manor, N.Y., has concluded to acquire TD Insurance Inc., a wholly-owned U.S. auxiliary of TD Bank, N.A. The terms of a understanding were not disclosed.
USI pronounced a merger is approaching to minister $58.2 million in revenues to USI on an annual basis. TD Insurance Inc. is one of a largest bank-owned word agencies and brokerage firms in a U.S., charity property/casualty word and worker benefits. It has 20 bureau locations from Maine to Florida with many of those strong in a U.S. Northeast.
TD Bank, N.A. is a auxiliary of The Toronto-Dominion Bank of Toronto, Canada, a top-10 financial services association in North America. The companies pronounced a sale will not impact a Canadian operations of TD Insurance.
The merger is approaching to be finished by a finish of Sep 2012. The understanding is theme to, among other prevalent conditions, death or stop of a watchful duration (and any prolongation thereof) underneath a Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended.
USI orator Ed Bowler told Insurance Journal that a dual companies initial began their discussions for a understanding in a open of 2012 and that USI was captivated to TD Insurance’s “outstanding business reputation” in a United States. He pronounced a stream care group during TD U.S. word section will have “significant care roles” within USI.
USI operates out of scarcely 100 offices in 26 states. USI is a portfolio association of private equity firm, Goldman Sachs Capital Partners.
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