KeyBank has reached an agreement to divest Key Insurance & Benefits Services to USI Insurance Services (USI) for an undisclosed sum.
KeyBank purchased Key Insurance & Benefits Services as part of the 2016 merger with First Niagara Financial Group. Key Insurance & Benefits Services has 350 teammates working in eight offices in upstate New York, Pennsylvania and Connecticut.
With over 6,000 associates in over 150 offices, USI is one of the largest privately held insurance brokerage firms in the US.
The company offers property and casualty, employee benefits, personal risk, program as well as retirement solutions to large risk management clients and middle market companies.
USI chairman and CEO Michael Sicard said: “Together, USI and Key Insurance and Benefit Services, bring tremendous experience and insights, with a shared philosophy of understanding and servicing our clients, coupled with a strong sense of community and a commitment to our culture and people.
“We look forward to leveraging our USI ONE Advantage platform together to bring clients a unique suite of property and casualty, employee benefit, personal risk and retirement solutions with bottom line impact.”
Key Community Bank co-president E J Burke said: “Through this sale, we are highlighting our focus on delivering core banking services across our footprint. We believe that Key Insurance & Benefits Services, Inc. and USI represent complementary businesses without geographic overlap and a shared commitment to providing strong client service and product expertise.”
Subject to receipt of regulatory approvals and other customary closing conditions, the transaction is slated to complete during the second quarter 2018.