Northwest Bank is to sell its insurance business offered through Northwest Insurance Services to USI Insurance Services (USI).
Northwest Insurance Services is a wholly-owned subsidiary of Northwest Bank. It offers property and casualty, life, disability and long-term care insurance, plus group health, life and disability employee benefits.
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Northwest Bank is headquartered in Warren, Pennsylvania. The bank operates 162 full branches and eight free standing drive-thru facilities in Pennsylvania, New York, Ohio and Indiana.
USI is one of the largest insurance brokerage and consulting firms. It delivers property and casualty, employee benefits, personal risk, programme and retirement solutions to large risk management clients. It also serves middle market companies, smaller firms and individuals. USI connects over 8,000 professionals from approximately 200 offices to serve clients’ local, national and international needs.
Northwest Bank’s President and CEO, Ron Seiffert says: “We are very pleased to have reached a definitive agreement with USI. USI is a well-managed, national provider who combines industry-leading capabilities delivered through longstanding, passionate and committed local service teams. We share very similar experience philosophies and see this as an exciting partnership for our insurance associates and clients.”
Northwest USI deal expected to close in Q2
USI’s Chairman, CEO, Michael Sicard adds: “We look forward to welcoming the talented professionals from Northwest Insurance Services to USI. By partnering together, we expand our expertise throughout western Pennsylvania and western New York through the USI ONE Advantage. This is an interactive knowledge platform. It integrates proprietary analytics, networked resources and enterprise planning to deliver truly customised solutions with material financial impact to clients.”
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By GlobalDataSubject to customary closing conditions, the transaction is expected to close early in the second quarter of 2021.
In fiscal 2020, Northwest posted net income of $74.9m, down 32.2% year-over-year. This decrease was the result of an increase in provision for credit losses of $61.3m primarily related to Covid. In April last year, Northwest completed a deal to acquire Indiana-based MutualBank announced in October 2019.
