Jones Day Guides USI's Buy Of TD Bank Insurance Unit

Law360, New York (August 23, 2012, 2:59 PM EDT) -- Property and casualty insurance brokerage USI Insurance Services LLC has agreed to swallow up TD Bank NA’s insurance-focused subsidiary — one of the largest bank-owned insurance groups in the U.S. — to infuse its yearly revenues, USI said late Wednesday.

The insurers did not disclose financial terms of the deal, but said they expected to finalize the sale of TD Insurance Inc. by the end of September after securing regulatory approval. TD Bank’s Canadian insurance operations are unaffected.

Through the transaction, USI, a Goldman Sachs &...
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