USI Insurance Services, a distributor of property and casualty insurance has inked a share purchase agreement to acquire TD Insurance for an undisclosed sum.
The acquisition is expected to close by the end of September 2012, and will contribute $58.2m in revenues to USI on an annual basis, the underwriter said.
USI’s chairman, president and CEO Mike Sicard said the firm is excited to welcome Joe Fico and the US TD Insurance team to USI.
"TDI has fostered a customer-centric culture and reputation for delivering superior, cost-effective insurance solutions. We will complement our mutual strengths for the benefit of clients, prospects and our great professionals, and together create a market leader with unique breadth and depth of resources."
TDI president and CEO Joseph Fico added, "In joining forces with one of the preeminent middle-market insurance brokerage firms in the country, our customers will not only enjoy coordinated solutions and support at the local level, but can tap into USI’s deep industry knowledge and competitively-priced products that only a national firm with world-class resources can provide."
USI was represented by Jones Day’s Boston office and TD Bank was represented by Bingham McCutchen.