Caisse-backed USI to buy Wells Fargo insurance business
USI Insurance Services has agreed to acquire the commercial insurance business of Wells Fargo & Co (NYSE: WFC). No financial terms were released for the deal, which is expected to close in the fourth quarter. Valhalla, New York-based USI said the acquisition will create a comprehensive suite of property and casualty, employee benefit, personal risk and retirement solutions. USI was earlier this year sold by Canadian private equity firm Onex Corp to U.S. private equity firm KKR & Co and Caisse de dépôt et placement du Québec (CDPQ) for US$4.3 billion. CDPQ and PSP Investments helped finance the Wells Fargo transaction.
27 June 2017•3 mins read
