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.
Source: KeyCorp
Topics Mergers & Acquisitions New York
Was this article valuable?
Here are more articles you may enjoy.
Dei Primus Holdings Launches LUCY, a Fully Autonomous Insurance Carrier 
A Little Behind Schedule, But Execs Say Sypher Insurance is on Track for May Debut 
Taylor Swift Sued for Trademark Infringement Over ‘Life of a Showgirl’ 
Viewpoint: How Will the Middle East War Affect the Insurance Sector? 
