Northwest Bank enters into agreement to sell its insurance business
Northwest Bank has entered into an agreement to sell its insurance business, through Northwest Insurance Services, to USI Insurance Services.
“We are pleased to have reached a definitive agreement with USI, one of the largest risk management, employee benefit and retirement consulting firms in the world,” Vice President and Communications Manager Melanie Clabaugh said.
According to a release through PRNewswire, “USI connects over 8,000 industry-leading professionals from approximately 200 offices to serve clients’ local, national and international needs.”
“This transaction, which is expected to close early in the second quarter of 2021, will not impact Northwest Insurance Services clients’ insurance coverage, payment schedules or procedures,” Clabaugh said. “And, they’ll continue to work with the same talented insurance professionals, who will have access to an expanded set of tools, resources and expertise.”
“Together, Northwest and USI will bring a full suite of property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals in Warren County and other areas across the Northwest footprint,” she said.
USI’s Chairman and CEO, Michael J. Sicard said in the release, “We look forward to welcoming the talented professionals from Northwest Insurance Services to the USI family. By partnering together as ONE, we look forward to expanding our expertise throughout western Pennsylvania and western New York through the USI ONE Advantage, an interactive knowledge platform that integrates proprietary analytics, networked resources and enterprise planning to deliver truly customized solutions with material financial impact to clients.”
Northwest Bank is a subsidiary of Northwest Bancshares, Inc.