KeyCorp (NYSE:KEY) has announced entering into a definitive agreement that will see USI Insurance Services (“USI”) purchase Key Insurance & Benefits Services, Inc. KeyBank purchased Key Insurance & Benefits Services in 2016 as part of its merger with First Niagara Financial Group.

Key Insurance & Benefits Services, which has a division headquarters in Buffalo, has a total of 350 teammates who are working in eight different offices in upstate New York, Connecticut and Pennsylvania. USI has its headquarters in Valhalla, NY and is among the biggest privately owned insurance brokerage companies in the United States, and has over 6,000 associates located in more than 150 offices.

In statement, USI’s chairman and chief executive officer Michael J. Sicard said they arevery happy to welcome Kirk Jensen, president of Key Insurance & Benefits Services together with his dedicated and experienced team of professional to USI. He noted that both understanding as well as servicing their clients. Sicard added that the two companies have a strong commitment and sense of community to their people and culture.

He added that they expect to leverage the USI ONE Advantage® platform so as to attract clients and offer a unique set of property, employee benefit, causality, retirement solutions and personal risk solution with bottom line effect.

On his part, Key Community Bank Co-President E.J. Burke said they are very grateful to their partners at Key Insurance & Benefits Services for their contribution in making Key what it is today. He noted that through this acquisition, the company is restating its commitment to offering important banking services in its footprints. Burke said both USI and Key Insurance & Benefits Services make a complementary business which goes beyond geographic overlap and have a shared commitment of offering product expertise and strong client service.

Jensen said they are very happy to be part of an insurance platform, which operates on some of the best technologies in the insurance sector. He added that his team will be in a position to offer customers with high quality services in the sector. He said that by joining hands with USI they will have an unraveled toolkit to assist their customers in risk management as well as cut costs.

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