NU Online News Service, Feb. 19, 3:36 p.m. EST
USI Holdings Corp. insurance brokerage in Briarcliff Manor, N.Y., said it has signed an agreement to acquire a number of retail employee benefit insurance brokerage offices from the PNC Financial Services Group Inc.
Financial terms for the purchase of facilities in Ohio, Kentucky and Missouri operated by PNC subsidiary National City Insurance Group Inc. were not released.
National City Insurance is expected to contribute approximately $13 million in revenues on an annual basis, USI said.
The closing of the transaction is expected sometime next week, according to USI.
Michael J. Sicard, USI's chairman, president and chief executive officer, said, "Through this acquisition, we expect to expand and strengthen our Midwest regional operation by adding a significant footprint in Louisville, St. Louis and Cleveland. The National City Insurance professionals are aligned in our focus on growing the business and exceeding our client's expectations."
PNC purchased National City Corp. for more than $5 billion in 2008.
