USI Holdings acquires Webster Insurance
USI Holdings Corp. has announced the closing of the acquisition of Meriden-based Webster Insurance Inc., from Webster Financial Corp., the holding company for Webster Bank N.A., and the execution of a Marketing Agreement with Webster Bank.
Webster Insurance is expected to contribute approximately $26 million in revenues to USI on an annual basis. Webster Financial Corporation will retain Webster Risk Services, a third-party workers' compensation administrator. The Marketing Agreement is a joint marketing arrangement between USI and Webster Bank to provide expanded products and services to their respective clients.
Webster Insurance is one of the largest middle-market insurance brokerage firms in New England with offices in Connecticut, Massachusetts and Rhode Island. Webster Insurance specializes in commercial property & casualty and employee benefits insurance for middle-market companies and personal lines insurance for individuals throughout the New England region.
Michael J. Sicard, USI's chairman, president and CEO, said, "Webster Insurance is a great complement to our existing presence in the New England region. In addition, we look forward to working with Webster Bank on the successful execution of the joint marketing agreement."
James C. Smith, Webster chairman and CEO, said, "USI is an excellent fit for Webster Insurance's clients and employees. We share USI's commitment to make our joint marketing agreement mutually productive."
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