USI Insurance Services has closed a deal for 40 insurance brokerage and consulting locations from Wells Fargo Insurance., a unit of Wells Fargo & Co. (NYSE: WFC).
The deal will allow insurance company USI to expand in the middle market insurance brokerage and consulting space. The Valhalla, N.Y.-based buyer provides property, casualty, employee benefits, personal lines, retirement and other insurance products. Terms of the deal were not disclosed.
USI, in April, closed a deal for Webb & Greer Insurance Agency Inc., a, Tempe, Arizona-based commercial property and liability insurer. The company announced the purchase of the Wells Fargo brokerages in January.
USI's acquisition streak underscores continued consolidation in the insurance industry. Other deals have come from Orix Life Insurance Corp., which agreed to buy Hartford Life Insurance K.K.for $895 million in April, and Aetna (NYSE: AET), which closed a deal for InterGlobal in April.
For more on the insurance industry, see "Racking Up the Regional Insurers."