Northwest Bank to sell its insurance business to USI

Northwest Bank , a subsidiary of Northwest Bancshares, has entered into a definitive agreement 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, offering property and casualty, life, disability and long-term care insurance, as well as group health, life and disability employee benefits.

USI is a national broker delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals.

“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 Bank’s President and CEO, Ron Seiffert stated:

“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.” – USI’s Chairman and CEO, Michael J. Sicard.

Subject to customary closing conditions, the transaction is expected to close early in the second quarter of 2021.