KeyBank has entered into a definitive agreement to sell Key Insurance & Benefits Services Inc. to USI Insurance Services (USI).
KeyBank acquired Key Insurance & Benefits Services Inc. as part of its 2016 merger with First Niagara Financial Group.
Key Insurance & Benefits Services Inc., with a division headquarters in Buffalo, N.Y., has 350 teammates working in eight offices in upstate New York, Pennsylvania and Connecticut.
USI is a privately held insurance brokerage headquartered in Valhalla, N.Y., with more than 6,000 associates in more than 150 offices.
The transaction is subject to regulatory approvals and other customary closing conditions. It is expected to close in the second quarter of 2018. Morgan Stanley & Co. LLC is acting as financial advisor to KeyBank in connection with the transaction.
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