Insurance company USI Holdings has acquired Webster Insurance from Webster Financial, the holding company for Webster Bank. USI Holdings has also executed a marketing agreement with Webster Bank.
Webster Insurance is expected to contribute approximately $26 million in revenues to USI on an annual basis. Webster Financial will retain Webster Risk Services, a third-party workers’ compensation administrator. The marketing agreement is a joint marketing arrangement between USI and Webster Bank to provide expanded products and services to their respective clients.
Michael Sicard, chairman, president and CEO of USI, said: Webster Insurance is a great complement to our existing presence in the New England region. In addition, we look forward to working with Webster Bank on the successful execution of the joint marketing agreement.