Northwest Bank to sell insurance business to USI Insurance Services
Pennsylvania-based Northwest Bank has agreed to divest its insurance business – Northwest Insurance Services to insurance brokerage USI Insurance Services for an undisclosed price.
Northwest Insurance Services provides property and casualty, disability, life, and long-term care insurance, in addition to group health, life and disability employee benefits.
Ron Seiffert – President and CEO of Northwest Bank said: “We are very pleased to have reached a definitive agreement with USI. USI is a well-managed, national provider who combines industry-leading capabilities delivered through longstanding, passionate and committed local service teams.
“We share very similar experience philosophies and see this as an exciting partnership for our insurance associates and clients.”
Northwest Bank to sell insurance business to USI Insurance Services. Image courtesy of PRNewsfoto/USI Insurance Services.
Based in New York, USI Insurance Services caters to large risk management clients, middle market firms, smaller companies and individuals with property and casualty, personal risk, employee benefits, program and retirement solutions.
Michael J. Sicard – USI Insurance Services Chairman and CEO said: “We look forward to welcoming the talented professionals from Northwest Insurance Services to the USI family.
“By partnering together as ONE, we look forward to expanding our expertise throughout western Pennsylvania and western New York through the USI ONE Advantage, an interactive knowledge platform that integrates proprietary analytics, networked resources and enterprise planning to deliver truly customized solutions with material financial impact to clients.”
The deal, which is subject to customary closing conditions, is anticipated to close early in Q2 2021.