USI Insurance Services, a portfolio company of Toronto-based private equity firm Onex Corp., has agreed to buy 42 insurance brokerage and consulting offices in the U.S. from Wells Fargo Insurance.
Financial terms remain undisclosed.
The deal comes as the insurance industry continues a period of consolidation, especially on the part of USI. The Briarcliff Manor, N.Y.-based company closed a deal for Alliance Benefit Solutions of Shelton, Conn. in September. It later bought Richard J Princinsky & Associates Inc., a Hunt Valley, Md.-based provider of insurance services, in October for an undisclosed price.
Other recent deals in the insurance space include Axa’s $346.1 million stake purchase of Grupo Mercantil Colpatria’s insurance operations in November, and the $250 million acquisition of Summit Holdings Southeast Inc. by American Financial Group Inc. (NYSE, Nasdaq: AFG) in January.