USI Insurance Services, a brokerage and financial service firm based in Briarcliff Manor, N.Y., said Monday it has completed the acquisition of TD Insurance Inc., a U.S. subsidiary of TD Bank, N.A. The transaction was first announced in August.
TD Insurance Inc. is one of the largest bank-owned insurance agencies and brokerage firms in the United States, offering a wide range of insurance and employee benefits products and services. It has 20 office locations from Maine to Florida, with most of those concentrated in the U.S. Northeast.
USI said this acquisition is expected to contribute $58.2 million in revenues to USI on an annual basis. This sale does not affect the Canadian operations of TD Insurance.
Founded in 1994, USI is a leading distributor of property/casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, N.Y., and operates out of nearly 100 offices in 26 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.
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