US-based insurance broker USI Insurance Services has acquired employee benefit products and services provider Wallace Insurance / Scott Insurance Services.
Wallace Insurance, along with its employees, will work from USI’s office in Alaska.
The terms of the sale were not disclosed.
Wallace Insurance president and owner Jeffrey Ranf said: "By joining USI, we position ourselves to continue providing that same high-touch, local service our clients deserve and expect.
"However, now our clients can tap into networked technical resources and a multitude of insurance products that only a national firm, such as USI, can provide."
Headquartered in Alaska, Wallace / Scott provides an array of employee benefit products and services, including expertise in wellness, insured/self-funded plans, group life and disability plans, as well as executive business travel accident programs to its customers.
USI Northwest region regional CEO Christopher Prentice said: "With this acquisition, we are partnering with seasoned insurance veterans who share in our goal of aggressively growing the middle-market client base in the Northwest.
"Jeff has more than 30 years experience in employee benefits and Paula has almost 40 years experience as a broker and consultant in the insurance industry."
David Wallace established Wallace Insurance in 1972, while Jeffrey Ranf became the president and owner of the company in 2006.
Paula Scott formed Scott Insurance Services in 1992. Ranf and Scott together took over the Alaska Public Employee Insurance Group in 2013.
The current acquisition will expand USI’s services in the northwest US, and also into the middle-market insurance brokerage segment.
Image: USI Insurance has purchased employee benefit products and services provider Wallace Insurance / Scott Insurance Services. Photo: courtesy of tungphoto/FreeDigitalPhotos.net.