Briarcliff Manor, N.Y.-based insurance broker USI Holdings Corp. said it has acquired Webster Insurance Inc. from Webster Financial Corporation, the holding company for Webster Bank, N.A. Financial terms were not released.
USI said acquisition of the Meriden, Conn.-based firm is expected to contribute approximately $26 million in revenues to USI on an annual basis.
Both USI and Webster said Webster Financial retains Webster Risk Services, a third-party workers' compensation administrator.
Under terms of the arrangement the two enter into a joint marketing arrangement between USI and Webster Bank to provide expanded products and services to their respective clients.
Webster Insurance has offices in Connecticut, Massachusetts and Rhode Island. It specializes in commercial property-casualty and employee benefits insurance for middle-market companies and personal lines insurance for individuals throughout the New England region.
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