Business Moves – East

USI, TD Insurance

USI Insurance Services, a brokerage and financial service firm based in Briarcliff Manor, N.Y., has agreed to acquire TD Insurance Inc., a U.S. subsidiary of TD Bank, N.A. The terms of the deal were not disclosed.

USI said the acquisition is expected to contribute $58.2 million in revenues to USI on an annual basis. TD Insurance Inc. is one of the largest bank-owned insurance agencies and brokerage firms in the U.S., offering insurance and employee benefits. It has 20 offices from Maine to Florida, with most of those concentrated in the U.S. Northeast.

USI operates out of nearly 100 offices in 26 states. USI is a portfolio company of Goldman Sachs Capital Partners.

TD Bank, N.A. is a subsidiary of The Toronto-Dominion Bank of Toronto, Canada. The companies said the sale will not affect the Canadian operations of TD Insurance.

AIG, The Hartford

American International Group announced that its life and retirement business, SunAmerica Financial Group Inc., has signed a definitive agreement with The Hartford Financial Services Group Inc. to acquire Woodbury Financial Services Inc., an independent broker-dealer.

Once the transaction is finalized, Woodbury would become part of the SunAmerica Financial Group’s Advisor Group of independent broker-dealers. The deal is expected to close by the year’s end.

Norman-Spencer, Keenan Marine

Dayton, Ohio-based Norman-Spencer Agency acquired New York-based Keenan Marine Insurance Agency LLC.

Keenan Marine is a national specialty yacht insurance agency, offering comprehensive solutions to yacht owners across the United States.