USI Insurance Services, a portfolio company of GS Capital Partners, has agreed to acquire TD Insurance, a wholly-owned US subsidiary of TD Bank. This sale will not affect the Canadian operations of TD Insurance. The acquisition is expected to close by the end of September 2012.
TD Insurance is an insurance agency and brokerage offering a range of products including credit protection, auto, home, health, life, and travel insurance (www.tdinsurance.com).
“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,” said Joseph Fico, President and CEO, TDI. “We are excited about leveraging our combined strengths for strategic growth opportunities that will enhance the overall experience of both our new and existing clients.”
USI is a distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI was founded in 1994 and is headquartered in Briarcliff Manor, NY, and operates out of 100 offices in 26 states. The acquisition of TD Insurance is expected to contribute $58.2 million in revenues to USI on an annual basis (www.usi.biz.).
GS Capital Partners is the private equity vehicle through which Goldman Sachs conducts its large, privately negotiated, corporate equity investment activities and is currently investing through its sixth fund. GS Capital Partners focuses on large, sophisticated business opportunities in which value can be created through leveraging the resources of Goldman Sachs (www.gs.com/pia).
USI was represented by Jones Day’s Boston office and TD Bank was represented by Bingham McCutchen.
