Northwest Bancshares in Warren, Pa., has agreed to sell its insurance agency to USI Insurance Services in Valhalla, N.Y.
The $13.8 billion-asset Northwest said in a press release Thursday that it will sell Northwest Insurance Services in a deal that is expected to close early in the second quarter. Northwest did not disclose the price USI will pay.
Northwest Insurance Services offers property-and-casualty, life, disability and long-term care insurance. It also provides group health, life and disability employee benefits.
“USI is a well-managed, national provider who combines industry-leading capabilities delivered through longstanding, passionate and committed local service teams,” Ron Seiffert, Northwest’s president and CEO, said in the release. “We share very similar experience philosophies and see this as an exciting partnership for our insurance associates and clients.”
USI has acquired insurance operations from several banks in recent years, including Associated Banc-Corp in Green Bay, Wis.; KeyCorp in Cleveland; and First Financial in Terre Haute, Ind.
Keefe, Bruyette & Woods issued a fairness opinion to Northwest. Luse Gorman advised the bank on the pending sale.
