The Ardonagh Group subsidiary has exchanged contracts regarding the potential deal.
Established in 2008, Usay primarily offers comparison service for health insurance, life insurance and income protection. The business now employs around 195 people.
Last year, Usay generated revenue of £18.4m.
Ardonagh Advisory CEO Rob Worrell said: “It’s great to be continuing the growth story of Ardonagh Advisory today, which I’m proud to say has remained uninterrupted throughout the past 12 months thanks to the strength and resilience of the Group and the dedication and client-focus that colleagues across our brands continue to show every day.
“Usay is a business we have long admired, so we are thrilled to be announcing our intentions to bring them into the family, expanding our offering in the health arena and unlocking opportunities for innovation.”
The completion of the transaction is subject to regulatory approval.
After the deal closes, Usay will operate as part of the Ardonagh Advisory platform.
Iain Laws, CEO of Towergate Health & Protection, a The Ardonagh Group company, will lead both the businesses.
Laws said: “The addition of such a strong consumer brand as Usay cements Ardonagh’s position as the home of leading health and protection brokerage.
“The impacts of the pandemic have reinforced the need and importance of health, wellbeing and protection cover, and we are looking forward to supporting the Usay team in their quest to help even more clients across the UK to benefit from Usay’s advice and support in their health, life and protection insurance needs.”