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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.