Northwest Bank has entered into a definitive agreement to sell its insurance business – offered through Northwest Insurance Services – to USI Insurance Services.
The deal is subject to customary closing conditions and is expected to close within the second quarter of 2021.
A wholly owned subsidiary of Northwest Bank, Northwest Insurance Services offers P&C, life, disability, and long-term care insurance, as well as group health, life, and disability employee benefits.
“We are very pleased to have reached a definitive agreement with USI,” said Northwest Bank president and CEO Ron Seiffert. “USI is a well-managed, national provider who combines industry-leading capabilities delivered through longstanding, passionate and committed local service teams.”
“We look forward to welcoming the talented professionals from Northwest Insurance Services to the USI family,” commented USI chairman and CEO Michael J. Sicard.
Sicard added that the partnership would expand USI’s expertise across western Pennsylvania and western New York through its proprietary USI ONE Advantage platform – a system that integrates analytics, networked resources and enterprise planning to deliver tailored solutions with material financial impact to clients.
Read more: USI Insurance Services swoops for Inland Insurance
A month ago, USI Insurance Services expanded its northwest presence with the acquisition of Inland Insurance in Washington. Inland Insurance is an independent risk management and employee benefits agency that serves businesses and individuals across eastern Washington.
