TD Bank N.A. is selling its U.S. insurance agency subsidiary, TD Insurance Inc. (TDI), to USI Insurance Services (USI) for an undisclosed sum.
USI announced Wednesday that it has entered into a share purchase agreement to acquire TDI, which is one of the largest bank-owned insurance agencies and brokerage firms in the U.S. The deal, which is expected to close at the end of September, does not affect the Canadian operations of TD Insurance, the firms said.
The buyer, USI, is a distributor of property and casualty insurance and employee benefits products to businesses. Headquartered in Briar Cliff, N.Y., USI operates out of nearly 100 offices in 26 states. It expects the acquisition to contribute US$58.2 million in revenues on an annual basis.