The month of August saw one major insurance brokerage firm acquire the property and casualty insurance brokerage operations of a bank, as USI Insurance Services announcing its acquisition of T.D. Insurance Inc.

TD Insurance is one of the largest bank-owned insurance agencies and brokerage firms in the United States, offering insurance and employee benefits products and services.

USI says it expects the acquisition to contribute $58.2 million in revenues on an annual basis. The acquisition is expected to close by the end of September.

A spokesman says USI will not be setting up offices in TD Bank, but does plan to keep a close relationship with the bank's clients.

USI also announced the acquisition of Suncoast Insurance Associates, Inc. of Tampa, Fla. Suncoast provides the design, delivery and servicing of professional liability programs for more than 1,500 professional firms throughout Florida. The acquisition is expected to contribute approximately $3 million to USI.

Other acquisitions announced in August:

Itasca, Ill.-based insurance broker Arthur J. Gallagher acquired retail broker Blenheim Park Ltd, headquartered in Croydon, England; and Sunday and Associates, Inc. of Sugarland, Texas.

Confie Seguros a New York-based brokerage firm, acquired Stonewood Insurance Services, Inc., a general agency that specializes in writing California non-standard personal automobile coverage.

Integro Ltd. acquired Allan Chapman & James Insurance Brokers Ltd. of Colchester, England. Allan Chapman & James provides specialist broking services to the independent film, television and media industry sectors.

Farmington, Conn.-based online agency, BOLT (Business Owners Liability Team), acquired PFG Insurance Agency and Florida Direct Insurance Agency, establishing a regional office in Sarasota, Fla., under the direction of Robert Rizzo as regional director.

Dayton, Ohio, based insurance broker Norman-Spencer Agency, Inc. acquired New York-based Keenan Marine Insurance Agency, LLC. Keenan Marine is a national specialty yacht insurance agency.

Today, Kansas City, Mo.-based insurance broker Lockton says it has entered into a joint venture with facultative reinsurance broker, Security Re, in Ecuador. The new venture, titled Lockton Security Intermediarios De Reaseguros S.A., is scheduled to commence operation in the coming weeks, subject to regulatory approval. Lockton says it has taken a minority shareholding in the firm.

Special Reports /

USI Snaps-Up TD Insurance to Lead August Acquisitions

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