Business Moves – East

USI, TD Insurance

USI Insurance Services, a brokerage and financial services firm in Briarcliff Manor, N.Y., said on Sept. 24 that it has completed the acquisition of TD Insurance Inc., a U.S. subsidiary of TD Bank, N.A. The deal was first announced in August.

TD Insurance Inc. is one of the largest bank-owned insurance agencies and brokerage firms in the United States, offering a wide range of insurance and employee benefits products and services. It has 20 office locations from Maine to Florida, with most of those concentrated in the U.S. Northeast.

USI said the acquisition is expected to contribute $58.2 million in revenues to USI on an annual basis. This sale does not affect the Canadian operations of TD Insurance.

Founded in 1994, USI is a leading distributor of P/C insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, N.Y., and operates out of nearly 100 offices in 26 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.

M&A, Maestro Specialty

Merger & Acquisition Services Inc. (M&A), an investment, advisory and financial services firm to the re/insurance industry, announced a marketing partnership agreement with Maestro Specialty Corporation in New York.

Maestro is a program placement broker, program design consultant, and reinsurance intermediary focusing on Managing General Agencies (MGAs).

Under the terms of the agreement, Maestro will continue to operate and service its existing MGA clients; however all marketing and servicing of any new MGA clients will be done through M&A.

Frank R. See, who has been serving as head of Maestro, will become managing director of program insurance for M&A and work out of M&A’s New York City headquarters. Paul E. Surdel, who has been a program placement specialist at Maestro, will be director at M&A and work out of M&A’s Hartford, Conn., office.

MMA, Rosenfeld Einstein

Marsh & McLennan Agency LLC (MMA) has acquired Rosenfeld Einstein, a $9 million P/C and employee benefits agency based in Greenville, South Carolina.

All of the agency’s 55 employees will join MMA’s mid-Atlantic hub led by Rutherfoord, an MMA company, and continue operating out of the firm’s Greenville, South Carolina office.

Rosenfeld Einstein is the 21st acquisition MMA has completed in past three years. MMA, a subsidiary of insurance broker Marsh Inc. that serves the mid-size market, generates $380 million in annualized revenue.