Insurance brokerage USI Holdings Corp. said it has acquired Needham, Mass.-based Frederick E. Penn Insurance Agency Inc.

Terms of the deal were not released.

The Penn Insurance Agency, founded in 1949, is an independent property-casualty insurance agency servicing the Boston area. Briarcliff Manor, N.Y.-based USI said the acquisition is expected to contribute approximately $9 million in revenue to USI annually.

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