Chase-USI Venture to Target Midsize Companies

Chase Manhattan Corp. said last week it is teaming up with the nation's seventh-largest insurance and benefits brokerage to sell insurance andemployee benefit services to middle-market customers.

The alliance with USI Holdings Corp., San Francisco, will focus on 15,000 Chase clients in New York, New Jersey, and Connecticut, businesses with annual sales from $3 million to $500 million.

The companies expect to begin marketing products in the fourth quarter through a joint agency, Chase/USI Employee Benefit and Commercial Insurance Agency Inc.

"This new insurance venture will deliver a significant revenue opportunity to both companies," said Chase vice chairman Michael Hegarty in a prepared statement. "Offering insurance products to Chase's 25 million customers coast-to-coast plays a critical role in fulfilling Chase's promise of being the complete financial resource."

The new agency would offer commercial property and casualty, group health, life, and disability coverage, among other things.

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