WARREN, Pa. and VALHALLA, N.Y., April
1, 2021 /PRNewswire/ -- Northwest Bank, a subsidiary of
Northwest Bancshares, Inc. (NASDAQ: NWBI), today announced that it
has entered into a definitive agreement to sell its insurance
business offered through Northwest Insurance Services to USI
Insurance Services ("USI").
Northwest Insurance Services is a wholly-owned subsidiary of
Northwest Bank, offering property and casualty, life, disability
and long-term care insurance, as well as group health, life and
disability employee benefits.
USI is one of the largest insurance brokerage and consulting
firms in the world, delivering property and casualty, employee
benefits, personal risk, program and retirement solutions to large
risk management clients, middle market companies, smaller firms and
individuals. USI connects over 8,000 industry-leading professionals
from approximately 200 offices to serve clients' local, national
and international needs.
Commenting on the announcement, Northwest Bank's President and
CEO, Ron Seiffert stated: "We are
very pleased to have reached a definitive agreement with USI. USI
is a well-managed, national provider who combines
industry-leading capabilities delivered through longstanding,
passionate and committed local service teams. We share very similar
experience philosophies and see this as an exciting partnership for
our insurance associates and clients."
USI's Chairman and CEO, Michael J.
Sicard added: "We look forward to welcoming the talented
professionals from Northwest Insurance Services to the USI family.
By partnering together as ONE, we look forward to expanding our
expertise throughout western Pennsylvania and western New York through the USI ONE
Advantage®, an interactive knowledge platform that
integrates proprietary analytics, networked resources and
enterprise planning to deliver truly customized solutions with
material financial impact to clients."
Subject to customary closing conditions, the transaction is
expected to close early in the second quarter of 2021.
Keefe, Bruyette & Woods, A Stifel Company issued a
fairness opinion to Northwest Bank in the transaction, and
Luse Gorman, PC, Washington, DC, served as legal counsel to
Northwest Bank in the transaction.
About Northwest Bancshares, Inc.
Headquartered in Warren, Pennsylvania, Northwest Bancshares, Inc. is
the holding company of Northwest Bank. Founded in 1896,
Northwest Bank is a full-service financial institution offering a
complete line of business and personal banking products, employee
benefits and wealth management services, as well as the fulfillment
of business and personal insurance needs. Northwest operates 162
full-service community banking offices and eight free standing
drive-thru facilities in Pennsylvania, New
York, Ohio and Indiana. Northwest Bancshares,
Inc.'s common stock is listed on the NASDAQ Global Select Market
("NWBI"). Additional information regarding Northwest Bancshares,
Inc. and Northwest Bank can be accessed online
at www.northwest.com.
About USI
USI is one of the largest insurance
brokerage and consulting firms in the world, delivering property
and casualty, employee benefits, personal risk, program and
retirement solutions to large risk management clients, middle
market companies, smaller firms and individuals. Headquartered in
Valhalla, New York, USI connects
over 8,000 industry-leading professionals from approximately 200
offices to serve clients' local, national and international needs.
USI has become a premier insurance brokerage and consulting firm by
leveraging the USI ONE Advantage®, an interactive
platform that integrates proprietary and innovative client
solutions, networked local resources and enterprise-wide
collaboration to deliver customized results with positive, bottom
line impact. USI attracts best-in-class industry talent with a
long history of deep and continuing investment in our local
communities. For more information, visit www.usi.com or follow
us on LinkedIn, Facebook or Twitter.
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SOURCE Northwest Bank