New York-based insurer USI Insurance Services (USI) has completed the acquisition of substantially all of the assets of middle-market insurance brokerage firm First Place Insurance Agency, from First Place Financial.
USI has also completed the execution of a marketing agreement with First Place Financial, a financial services holding company.
First Place Insurance specializes in commercial property & casualty and employee benefits insurance for middle-market businesses and personal lines insurance for individuals.
Ohio-based First Place Insurance is expected to contribute approximately $3.6m in revenues to USI on an annual basis.
The joint marketing agreement between USI and First Place Financial will provide expanded insurance and related products and services to their respective clients.
USI chairman, president and CEO Michael Sicard said by combining the two offices under Dan Landers’ leadership, USI will become the preeminent middle-market insurance brokerage in the Youngstown / Warren area.
First Place Financial president and CEO Steven Lewis said this partnership will allow the Valley to have access to the expertise of one of the country’s leading insurance brokers.
Terms of the transaction were not disclosed.