In September 2012, TD Bank, N.A. sold its U.S. insurance agency, TD Insurance, to USI Insurance Services, a portfolio company of Goldman Sachs Capital Partners.
TD Insurance is one of the 10 largest bank-owned insurance agencies in the country with approximately $58 million of revenue. TD Insurance has been serving the insurance needs of consumers, small businesses and corporate clients with a full range of coverage offerings for more than 100 years and today protects more than half a million personal and business customers.
Founded in 1994, USI is a leading distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of nearly 100 offices in 26 states.
Colonnade Securities LLC represented TD Bank, N.A. and TD Insurance, Inc. in this transaction.