CLEVELAND and VALHALLA, N.Y., March
29, 2018 /PRNewswire/ -- KeyBank ("KEY") today
announced that it has entered into a definitive agreement to sell
Key Insurance & Benefits Services, Inc. to USI Insurance
Services ("USI"). KeyBank acquired Key Insurance &
Benefits Services, Inc. as part of the 2016 merger with First
Niagara Financial Group.
Key Insurance & Benefits Services, Inc., with a division
headquarters in Buffalo, N.Y., has
350 teammates working in eight offices in upstate New York, Pennsylvania and Connecticut. USI is headquartered in
Valhalla, NY and is one of the
largest privately held insurance brokerage firms in the United States, with more than 6,000
associates in over 150 offices.
"We are proud to welcome Kirk
Jensen, president of Key Insurance & Benefits Services,
Inc., and his dedicated team of insurance professionals to USI.
Together, USI and Key Insurance and Benefit Services, Inc. bring
tremendous experience and insights, with a shared philosophy of
understanding and servicing our clients, coupled with a strong
sense of community and a commitment to our culture and people,"
said Michael J. Sicard, USI's
chairman and chief executive officer. "We look forward to
leveraging our USI ONE Advantage® platform together to
bring clients a unique suite of property and casualty, employee
benefit, personal risk and retirement solutions with bottom line
impact."
"We want to thank our teammates at Key Insurance & Benefits
Services, Inc. for their contribution to Key. Through this
sale, we are highlighting our focus on delivering core banking
services across our footprint. We believe that Key Insurance
& Benefits Services, Inc. and USI represent complementary
businesses without geographic overlap and a shared commitment to
providing strong client service and product expertise," said E.J.
Burke, Co-President, Key Community Bank.
"We are excited to join an insurance-only platform that is
powered by the best technology in the industry, so our team can
continue to provide our clients with the best service in the
business," Jensen said. "By joining USI, we will have an unrivaled
toolkit to help our clients manage risk and benefits costs."
The transaction is subject to regulatory approvals and other
customary closing conditions and is expected to close in the second
quarter 2018. Morgan Stanley & Co. LLC is acting as financial
advisor to KeyBank in connection with the transaction.
About KeyCorp
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $137.7
billion at December 31, 2017.
Key provides deposit, lending, cash management, insurance, and
investment services to individuals and businesses in 15 states
under the name KeyBank National Association through a network of
approximately 1,200 branches and more than 1,500 ATMs. Key also
provides a broad range of sophisticated corporate and investment
banking products, such as merger and acquisition advice, public and
private debt and equity, syndications, and derivatives to middle
market companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com. KeyBank is Member FDIC.
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 together over 6,000 industry leading
professionals across more than 150 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 expertise, 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 usi.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by words
such as "outlook," "goal," "objective," "plan," "expect,"
"anticipate," "intend," "project," "believe," "estimate" and other
words of similar meaning. Forward-looking statements represent
management's current expectations and forecasts regarding future
events. If underlying assumptions prove to be inaccurate or unknown
risks or uncertainties arise, actual results could vary materially
from these projections or expectations. Factors that could cause
Key's actual results to differ from those described in the
forward-looking statements can be found in KeyCorp's Form 10-K for
the year ended December 31, 2017, as
well as in KeyCorp's subsequent SEC filings which have been filed
with the Securities and Exchange Commission and are available on
Key's website (www.key.com/ir) and on the Securities and Exchange
Commission's website (www.sec.gov). Forward looking statements
speak only as of the date they are made and Key does not undertake
any obligation to update the forward-looking statements to reflect
new information or future events.
View original content with
multimedia:http://www.prnewswire.com/news-releases/keybank-enters-into-agreement-to-sell-key-insurance--benefits-services-inc-to-usi-insurance-services-300621844.html
SOURCE KeyCorp