Insurance brokerage USI Holdings Corp. said it has acquired Needham, Mass.-based Frederick E. Penn Insurance Agency Inc.
Terms of the deal were not released.
The Penn Insurance Agency, founded in 1949, is an independent property-casualty insurance agency servicing the Boston area. Briarcliff Manor, N.Y.-based USI said the acquisition is expected to contribute approximately $9 million in revenue to USI annually.
In a statement, David L. Eslick, chairman, president and chief executive officer for USI, said the acquisition would add to the firm's offerings. He said Penn Insurance would add significant resources to USI's current capabilities in the New England region.
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