The month of August saw one major insurance-brokerage firm purchase the P&C brokerage operations of a bank as USI Insurance Services announced its acquisition of TD 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 anticipates the acquisition, expected to close by the end of September, will contribute $58.2 million in revenues on an annual basis.

A spokesman says USI will not be setting up offices in TD's banks 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 the Sunshine State. 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 independent film, television and media clients.
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. with 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 agency.

In addition, Kansas City, Mo.-based 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 assumed a minority share in the firm.

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USI Snaps Up TD Insurance to Lead August Acquisitions

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