WATERBURY, Conn., and BRIARCLIFF MANOR, N.Y. – USI Holdings Corp. has completed its acquisition of Webster Insurance Inc. from Webster Financial Corp. (NYSE: WBS), the parent of Webster Bank NA, and has signed a joint marketing agreement to provide expanded products and services to their respective clients.
Terms were not disclosed. The deal did not include Webster Risk Services, a third-party workers’ compensation administrator, which will remain a division of Webster Financial.
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“Webster Insurance is a great complement to our existing presence in the New England region,” Michael J. Sicard, USI’s chairman, president and CEO, said in the joint announcement. His comments were echoed by James C. Smith, Webster Financial’s chairman and CEO, who said: “USI is an excellent fit for Webster Insurance’s clients and employees.”
Webster Insurance is a provider of commercial property, casualty and employee benefits insurance for middle-market companies, as well as personal-lines insurance for individuals. It is one of the largest middle-market insurance brokerages in New England, with offices in Connecticut, Massachusetts and Rhode Island.
“We expect the synergies created by the combination of USI and Webster Insurance to benefit the clients of both companies through expanded and enhanced product offerings,” said Mark J. Smith, USI’s New England regional CEO. USI said it expects the Meriden, Conn.-based brokerage to bring in about $26 million per year in annual revenue. “I am pleased to officially welcome the Webster team, and look forward to working together to exceed our clients’ expectations,” Smith said.
“By joining the USI team, Webster Insurance continues its tradition of customer service excellence,” said Webster Insurance President and CEO John J. Queirolo. “USI shares our commitment to providing professional service that exceeds client expectations. We look forward to working with USI to bring our customers enhanced product and service capabilities.”
Webster Financial Corp. (NYSE: WBS), based in Waterbury, Conn., is the holding company for Webster Bank N.A., a financial services company with more than 150 branches including 10 branches in Rhode Island, and Webster Risk Services. Additional information is available at websterbankonline.com.
USI Holdings Corp. is a distributor of insurance and financial products and services to businesses across the United States. It is a portfolio company of Goldman Sachs Capital Partners, a private-equity affiliate of Goldman Sachs & Co. Additional information is available at www.usi.biz.
