Toronto Dominion Bank (TD) has made a decision to sell their U.S. insurance business to USI Insurance Services.
The Briarcliff Manor, N.Y.-based distributor of employee benefits and property and casualty insurance expects the acquisition to boost revenues by $58.2 million a year.
TD Insurance Inc., the wholly-owned U.S. subsidiary of TD Bank, is a major player in the bank-owned insurance business in the U.S. The company offers a range of employee benefits products and services.
Both companies anticipate that the acquisition will close by the end of September 2012, depending on customary conditions, expiration or termination of the waiting period and numerous other factors.
Jennifer Morneau, a spokesman for TD told Lifehealthpro that all of the executives as well as all of the employees of TD Insurance Inc. will be making the move over to USI.
"In joining forces with one of the preeminent middle-market insurance brokerage firms in the country, our customers will not only enjoy coordinated solutions support at the local level, but can tap into USI's deep industry knowledge and competitively-priced products that only a national firm with word-class resources can provide," said Joseph Fico, President and CEO, TDI. Inc.
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