USI in the News
USI Insurance Services (“USI”) today announced the completion of its acquisition by Onex Corporation (“Onex”) (TSX: OCX), one of the oldest and most successful private equity firms, for approximately $2.3 billion. At closing, a considerable investment was made from USI employees. Onex, Onex Partners III and USI employees own 100% of the Company.
Michael J. Sicard, USI Chairman, President and CEO, commented, “With the completion of this transaction and with Onex as our private equity partner, USI will continue to accelerate our path to become the top insurance broker in the U.S. middle market and select specialty markets. I’d like to thank our clients and the USI associates who work so hard each day to serve them. Over the past five years, USI has grown to become a vibrant firm that provides differentiating value through a unique breadth and depth of solutions that specifically address client issues and translate them into meaningful, measureable results. We have a clear path ahead and we look forward to continued growth with our clients, associates and prospects.”
Michael J. Sicard, chairman, president, and chief executive officer, of USI Insurance Services, said: "MAW’s reputation of delivering on large, complex risks is perfectly aligned with USI’s approach, which applies deep knowledge and technical resources to produce a breadth of solutions that drive down costs and strengthen a balance sheet. Through this acquisition, we partner with an experienced staff that will not only extend our presence in the Southeast but will help us realize our vision of becoming the national brand in the middle-market insurance brokerage industry."
About Onex
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. The Company has approximately $14 billion of assets under management, including $4.8 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary capital directly and as a substantial limited partner in its Funds.
Onex’ businesses have assets of $39 billion, generate annual revenues of $34 billion and employ approximately 235,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The company’s security filings can also be accessed at www.sedar.com.
About USI Insurance Services
Founded in 1994, USI is the 10th largest insurance broker in the United States and the 14th largest in the world. USI is headquartered in Valhalla, NY, and operates out of approximately 100 offices across the United States. Additional information about USI may be found at www.usi.com.
Forward-Looking Statements
This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. USI is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
Since the Patient Protection and Affordable Care Act (PPACA) raised the profile of Accountable Care Organizations (ACOs) in 2009, there has been rapid expansion among healthcare providers, but few have addressed ACOs' unique liability issues until now. USI Insurance Services ("USI") has found that traditional insurance policies are not designed to address the complexities inherent in ACOs, and this could result in devastating coverage gaps from uncovered claims and significant litigation that could exhaust policy limits. As a result, unique financial analytical tools that can identify and remediate coverage gaps are quickly gaining traction in the marketplace.
Rob Meyers, USI's senior vice president, property & casualty, said, "We understand there is no "one size fits all policy," which is why USI created an enterprise risk management approach that places the issues for ACOs front and center. This includes discussing a breadth of relevant topics that other firms are not asking and evaluating each requirement in the context of which analytical tool can yield the most refined, accurate answer. Following this analysis and a rigorous exposure assessment, we present a depth of solutions that address those concerns and demonstrate how the solution translates into meaningful, measureable results."
USI estimates there are more than 300 ACOs in the U.S., and many more on the drawing boards. Jeff Levy, vice president for the USI Southwest region, said, "The insurance industry has begun evaluating potential risk solutions for these healthcare organizations. However, for these tools to work, they need to be able to correctly identify those new exposures that may not be covered under a traditional insurance policy and then obtain adequate limits of liability - all while keeping the cost of coverage affordable. This is particularly crucial as most providers are struggling with assuming the additional financial risks associated with adopting the ACO model."
USI's ACO Shield is a suite of financial analytical tools supported by a consultative process that guides a leadership team to better understanding the exposures arising out of an ACO's structure, plan and operation. The systematic approach that distinguishes ACO Shield is designed to fit multiple permutations of this healthcare delivery model, including ACOs organized around the Centers for Medicare and Medicaid Services model of integrated care delivery, and many other private sector models. In addition to creating greater transparency, this solution fine-tunes insurance coverages to address liability needs in management, employment, managed care and malpractice.
Phil Dyer, senior vice president of healthcare management services for the USI Northwest region, said, "The concept of ACOs is gaining a great deal of attention in the reshaping of American healthcare delivery, and traditional, off-the-shelf insurance products are limited in their ability to fully address these new risks. Whether an ACO relies on an open or closed architecture, is hospital-centric or physician group-centric, USI's ACO Shield offers a meaningful solution for important risk issues impacting these healthcare organizations."
About USI Insurance Services
Founded in 1994, USI is the 10th largest insurance broker in the United States and the 14th largest in the world. USI is headquartered in Valhalla, NY, and operates out of approximately 100 offices across the United States. Additional information about USI may be found at www.usi.com.
USI Insurance Services ("USI") announced today that a definitive agreement has been reached whereby Onex Corporation ("Onex") (TSX: OCX), a leading private equity firm, will acquire USI from GS Capital Partners VI Fund, LP and certain of its affiliates ("GS Capital Partners") in a transaction valued at approximately $2.3 billion. The transaction is anticipated to close by the end of 2012 subject to customary conditions and regulatory approvals.
Employees of USI invested alongside GS Capital Partners in a take-private of the company in 2007, and will remain significant investors in USI going forward.
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex has approximately $14 billion of assets under management.
USI is a leader in the insurance brokerage market with a diversified mix of property and casualty, employee benefits and retirement consulting. Founded in 1994, USI is headquartered in Briarcliff Manor, New York, and has more than 3,300 employees in approximately 100 offices across the United States. USI is ranked as one of the ten largest insurance brokers in the United States.
"Our world-class brokers and investment in differentiating client solutions have allowed us to continually strengthen our market position by providing our clients with a level of value that is unparalleled in the middle-market," commented Mike Sicard, Chief Executive Officer of USI. "GS Capital Partners has helped USI refine and shape its strategy during their ownership. We look forward to our next phase of growth in partnership with Onex."
"USI has established a strong national insurance brokerage with a very impressive management team led by Mike Sicard," said Robert Le Blanc, an Onex Managing Director. "The company is well positioned to continue to grow both organically and by building on its track record of successful acquisitions."
Sumit Rajpal, a Managing Director at GS Capital Partners said, "USI's management team and employees have demonstrated a commitment to growing and improving the business, and we are pleased with the company's performance over the last several years. Since our take-private in 2007, USI has successfully integrated operations and developed a common operating platform with industry-leading margins, differentiated acquisition capabilities, and a strong platform for organic growth."
Upon closing of the transaction, Onex and employees of USI will own 100% of the company
Onex was advised by Morgan Stanley, with Morgan Stanley, BofA Merrill Lynch, Citigroup, Goldman Sachs, RBC Capital Markets LLC and UBS Securities LLC providing bank and bridge financing commitments. Legal counsel was provided to Onex by Kaye Scholer. GS Capital Partners was advised by Goldman, Sachs & Co. and RBC Capital Markets LLC. Legal counsel was provided to GS Capital Partners by Weil Gotshal & Manges.
About Onex
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $14 billion of assets under management, including $4.8 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary capital directly and as a substantial limited partner in its Funds.Onex' businesses have assets of $39 billion, generate annual revenues of $34 billion and employ approximately 235,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The company's security filings can also be accessed at www.sedar.com.
About USI Insurance Services
Founded in 1994, USI is the 9th largest insurance broker in the United States and the 13th largest in the world. USI is headquartered in Briarcliff Manor, NY, and operates out of approximately 100 offices across the United States. Additional information about USI may be found at www.usi.com.
About GS Capital Partners
Since 1986, the Goldman Sachs Merchant Banking Division and its predecessor business areas have raised 17 private equity and principal debt investment funds aggregating over $82 billion of capital (including leverage). A global leader in private corporate equity investing, the GS Capital Partners family of funds focuses on large, high quality companies with strong management and funding acquisition or expansion across a range of industries and geographies. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Additional information about GS Capital Partners can be found at www.gs.com/pia.
Forward-Looking Statements
This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. USI is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
USI Insurance Services ("USI") announced today the closing of the acquisition of TD Insurance, Inc. ("TDI Inc."), a wholly-owned US subsidiary of TD Bank, N.A. TDI Inc. is one of the largest bank-owned insurance agencies and brokerage firms in the United States offering a wide range of insurance and employee benefits products and services. This acquisition is expected to contribute $58.2 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed. This sale does not affect the Canadian operations of TD Insurance.
Commenting on the acquisition, Mike Sicard, USI's Chairman, President and CEO, said, "The TDI Inc. and USI teams have a fundamental shared philosophy based on understanding our clients' needs, delivering superior local service, and providing unique and innovative solutions that cover the full breadth and depth of our clients' exposures and deliver to their bottom line. We have a great partnership underway, and I look forward to bringing the value and resources of a market leader to our current and future clients and associates. I am pleased to welcome Joe and his team to the USI family."
"USI's national footprint and shared team approach to addressing clients' needs is a great fit with TDI Inc.'s employees, and affords them a growing, dynamic environment that is bolstered by leading edge technical resources and deep industry knowledge. In addition, our customers will have access to a full suite of USI's customized risk management and benefit products while maintaining the ease of shopping for insurance that they have come to expect," said Joseph Fico, USI's newly appointed regional CEO.
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of nearly 100 offices in 26 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co. Additional information about USI may be found at www.usi.com.
USI Insurance Services ("USI") announced that for the second consecutive year the Company has made the 2012 InformationWeek 500 List, an annual listing of the nation's most innovative users of business technology. The annual list was revealed last night at an awards ceremony during the InformationWeek 500 Conference which took place at the St. Regis Monarch Beach Resort, Dana Point, CA. This award was given in recognition of USI's achievements with the virtualization of its server and desktop computing environment, currently at 94% and 83% respectively, which has driven significant savings, greater agility and increased asset utilization.
Stewart Gibson, USI's senior vice president and chief information officer, said, "We are honored to be selected, and the fact that USI is one of only a few insurance brokerage firms to be awarded for two years running is a testament to our company's ongoing investment in technological resources that enable our associates to be at their most efficient. By virtualizing our servers and desktops to such a high level, we now have the ability to respond to business needs and priorities much faster than before while significantly reducing the cost to maintain and support our computing environment. We have also increased the speed with which we can integrate new acquisitions, and provided flexibility and efficiency for our employees company wide."
"The InformationWeek 500 has recognized the most innovative users of business technology for 24 years, and this year's innovations were particularly impressive," said InformationWeek editor in chief Rob Preston. "What the editors looked for are unconventional approaches-new technologies, new models, new ways of grabbing business opportunities and solving complex business problems with IT." InformationWeek identifies and honors the nation's most innovative users of information technology with its annual 500 listing, and also tracks the technology, strategies, investments and administrative practices of America's best-known companies.
The InformationWeek 500 rankings are unique among corporate rankings as it spotlights the power of innovation in information technology, rather than simply identifying the biggest IT spenders. USI Insurance Services is one of only a select few insurance brokerage firms to make this prestigious list for two consecutive years. Additional details on the InformationWeek 500 can be found at www.informationweek.com/iw500/
"Our acquisition by USI represents a very important step in our current strategic plan to grow our services and products for clients throughout the Rocky Mountain region," Woods said. "For our customers and employees, it will remain business as usual. Our customers will continue to receive the same high level of service, and there won’t be any changes to current policies. We’ll be focused on ensuring a smooth transition in the coming months and collaborating with the USI team."
Dell Van Gilder, Jr., former chairman of Van Gilder’s board of directors, said: "Selling Van Gilder to USI is a positive decision for our company, our people and customers. As a part of USI, our priority will remain serving clients with integrity and best-in-class risk management solutions, just as we’ve done for nearly 110 years."
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of nearly 100 offices in 26 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co. Additional information about USI may be found at www.usi.com.
About InformationWeek Business Technology Network
The InformationWeek Business Technology Network provides IT executives with unique analysis and tools that parallel their work flow-from defining and framing objectives through to the evaluation and recommendation of solutions. Anchored by InformationWeek, the network scales includes other online publications including DarkReading.com, NetworkComputing.com and BYTE. The network also provides focused content for key IT targets via InformationWeek Global CIO, Dr. Dobb's and InformationWeek SMB and InformationWeek Financial Services, Government and Healthcare sites. Visit www.informationweek.com for more information.
USI Insurance Services ("USI") has entered into a share purchase agreement to acquire TD Insurance, Inc. ("TDI Inc."), a wholly-owned US subsidiary of TD Bank, N.A. TDI Inc. is one of the largest bank-owned insurance agencies and brokerage firms in the US offering a wide range of insurance and employee benefits products and services. This acquisition is expected to contribute $58.2 million in revenues to USI on an annual basis. The acquisition is expected to close by the end of September 2012 subject to, among other customary conditions, expiration or termination of the waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended. Terms of the transaction were not disclosed. This sale will not affect the Canadian operations of TD Insurance.
Mike Sicard, USI’s Chairman, President and CEO, said, “We are excited to welcome Joe Fico and the US TD Insurance team to USI. TDI Inc. has fostered a customer-centric culture and reputation for delivering superior, cost-effective insurance solutions. We will complement our mutual strengths for the benefit of clients, prospects and our great professionals, and together create a market leader with unique breadth and depth of resources.”
"In joining forces with one of the preeminent middle-market insurance brokerage firms in the country, our customers will not only enjoy coordinated solutions and support at the local level, but can tap into USI's deep industry knowledge and competitively-priced products that only a national firm with world-class resources can provide," said Joseph Fico, President and CEO, TDI Inc. "We are excited about leveraging our combined strengths for strategic growth opportunities that will enhance the overall experience of both our new and existing clients."
USI was represented by Jones Day's Boston office and TD Bank, N.A. was represented by Bingham McCutchen.
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of nearly 100 offices in 26 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co. Additional information about USI may be found at www.usi.com.
About TD Insurance
TD Insurance, Inc. ("TDI Inc."), a subsidiary of TD Bank, N.A., is one of the 10 largest bank-owned insurance agencies in the country. TDI Inc. has been serving the insurance needs of consumers, small businesses and corporate clients with a full range of coverage offerings for more than 100 years, and today protects more than half a million personal and business customers.
USI Insurance Services ("USI"), announced today the closing of the acquisition of Suncoast Insurance Associates, Inc. ("SIA"), a Tampa, Florida-based insurance brokerage operation that provides the design, delivery and servicing of professional liability programs for more than 1,500 professional firms throughout Florida. This acquisition is expected to contribute approximately $3.0 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.
James W. Dunn, USI's regional CEO for Southeast, remarked, "For almost four decades, Suncoast Insurance Associates has been the "go-to" insurance agency for the design firm marketplace in Florida. In addition to architects and engineers, Suncoast has growing practices providing professional liability for healthcare, technology, accounting and law firms. SIA's deep strong relationships are a perfect match for USI's strategy of providing custom insurance solutions for growing industry verticals. With this acquisition, USI has bolstered its growing national footprint in professional liability, with significant practices in the Northwest, Southwest, Midwest and now Southeast. I welcome SIA to the USI family and look forward to working with Dan and his staff."
Daniel L. Titus, CEO of Suncoast Insurance Associates, said, "SIA prides itself on having extensive design firm knowledge, experience, competitive pricing, contract review and counseling capabilities. We remain committed to these principles and will continue to be a trusted advisor to our clients. By joining with USI, we now have the opportunity to draw upon their resource-intensive, consultative processes that connect local, regional, and national technical assets to each client in the delivery of the most attractive program possible. In addition, USI's industry-specific best practices afford us the latest methodologies to further grow our clients' practices while ensuring their assets remain protected." About USI Insurance Services.
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co. Additional information about USI may be found at www.usi.com.
USI Holdings Corporation ("USI" or the "Company") has announced today that it will commence a process on Thursday, August 9, 2012 to obtain incremental term loans (the "Loans") under the Company's existing senior secured credit agreement in an aggregate principal amount of $100 million. Goldman Sachs Lending Partners LLC and J.P. Morgan Securities LLC are joint lead arrangers and joint bookrunners for the transaction.
This news release is not a solicitation to buy the Loans.
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co. Additional information about USI may be found at www.usi.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the anticipated closing of the transactions described herein. These statements are based on management's current expectations and are inherently subject to uncertainties and changes in circumstances. All forward-looking statements included in this press release are made only as of the date of this press release, and USI does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which USI hereafter becomes aware.
USI Insurance Services ("USI"), announced today the closing of the acquisition of New York-based Kelly Insurance Brokerage, Inc. ("KIB"). Terms of the transaction were not disclosed
Kelly Insurance Brokerage offers a full range of employee benefits and consulting services, including financial analysis, government compliance, benefit plan design and development, and account management services. Founded in 1997, the company is considered one of the largest Asian brokerage firms in the New York Metropolitan area. KIB will be combined in Emerson Reid and Company (ERC), USI's benefits wholesale operation which is headquartered in New York City.
Arthur W. Hall, Emerson Reid and Company's CEO, said, "Through our acquisition of Kelly Insurance Brokerage, we have attained an experienced staff that truly understands the healthcare arena and will help us further extend our benefits reach in the tri-state area as well as in the Asian marketplace. In addition, their reputation for finding the shortest path from problem to solution is a perfect complement to our strategy of always delivering unparalleled service and support to our brokers, and I am pleased to welcome KIB to the Emerson Reid team."
Neal H. Brown, principal of Kelly Insurance Brokerage, Inc., said, "Navigating the healthcare landscape can be confusing and costly if the wrong path is taken. That is why we develop our staff through continuing education and leverage solutions that not only grow and protect our client's business but will differentiate them from the competition. This acquisition enables us to leverage our staff's talent with ERC's deep footprint in General Agency contracts and further expand our benefits solutions in the general marketplace. We look forward to this partnership and are excited to be working with Arthur and the rest of the ERC team."
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.
USI Insurance Services ("USI"), announced today the closing of the acquisition of Lynch, Beretta and Bucci Insurance, a Pawtucket, Rhode Island-based property and casualty insurance agency, that specializes in a wide range of personal lines, commercial lines and specialty products, including Rhode Island contractors and restaurant insurance. Terms of the transaction were not disclosed.
Commenting on the acquisition, J. Thomas Stiles, USI's regional CEO for New England, said, "Under Gary's leadership, the firm of Lynch, Beretta and Bucci Insurance has been providing outstanding service geared to delivering results without delay. And, for the past 30 years, clients have enjoyed customized insurance programs that are tailored to their needs, budget and exposure. Without question, this acquisition further strengthens USI's position as one of the leading insurance brokerage firms in Rhode Island, and I am pleased that the Lynch, Beretta and Bucci Insurance agency is a part of the USI team."
Gary H. Bucci, president of Lynch, Beretta and Bucci Insurance, said, "The combination of our two strong property and casualty practices will enable our agency to offer additional products and services while maintaining the level of specialized customer attention we have become known for throughout Rhode Island. By joining the USI team, we will continue our mission of helping our existing clients manage the risks of everyday life and enabling them to recover as quickly as possible from life's unforeseen events. Additionally, through this acquisition, we look forward to forging new customer relationships that are based on both USI and our firm's mutual principles of offering value-added service and the most attractive cost and coverage combination for P&C insurance solutions."
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.
USI Insurance Services ("USI"), today announced the closing of the acquisition of Impact Benefit Management Services, LLC ("Impact"). The acquisition is expected to contribute approximately $2.5 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed. Based in Roswell, GA, Impact delivers benefits administration, employee communications and plan management services for brokers, insurance carriers and employers. The company will be combined in with the Benefits Administration Service Center of Univers Workplace Solutions ("Univers"), USI's benefit communication and enrollment operation.
With the addition of Impact's premier call center services, extensive capabilities in print communications, and its core and voluntary enrollment solutions, Univers reinforces its market position as the largest independent provider of this specialized type of insurance service for small, mid-size and large employers throughout the United States.
Commenting on the acquisition, Gregory J. Morano, president and CEO of Univers Workplace Solutions said, "Impact's ability to deliver high quality, low cost solutions that clients respect and appreciate fits perfectly with our vision for future growth. Our new partner will significantly accelerate our current expansion into such solutions as online enrollment, eligibility management and billing and reconciliation services, allowing us to expand into new markets and execute on strategic growth opportunities. We couldn't be more pleased to have Bob and his team join us."
Robert F. Croom, president of Impact Benefit Management Services, LLC, said, "We look forward to increasing the distribution of our employee benefits administration and plan management solutions through Univers' best-in-class platform. Furthermore, joining Univers enables us to continue providing our clients with the high level of service that they have come to expect. We are excited to be working with Greg and the rest of the Univers team."
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.
USI Insurance Services ("USI") today announced the closing of the acquisition of certain assets of National Insurance Specialists (NIS). The acquisition is expected to contribute approximately $1.6 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.
The acquired entity will be integrated into USI Affinity, a division of USI Insurance Services. USI Affinity is one of the nation’s leading providers of insurance, financial and risk management services to professional associations, individuals and small business owners. This transaction makes USI Affinity the number one equipment rental industry insurance broker in the country.
“We have the staff that really understands the rental equipment business and the risks they face,” said Doug W. Kreitzberg, CEO of USI Affinity. “USI and NIS have deep experience over many years handling these types of accounts. This move greatly strengthens USI Rental Specialties’ fully-integrated approach that combines sales, underwriting, customer service, claims and risk control."
“Our operation provides high quality insurance and related services to the rental industry in the United States,” said Brian K. Hall, former president of NIS and the new president of USI Rental Services. “Our field agents and customer service staff are talented and experienced professionals whose sole aim is to provide high quality service and insurance protection for the client.”
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.
USI Insurance Services ("USI") today announced the closing of the acquisition of certain assets of BBVA Compass Insurance Agency, Inc. ("Compass Insurance"), subsidiary of BBVA Compass, and execution of a Joint Referral Agreement with Compass Insurance and BBVA Compass. The acquired business generated approximately $26.7 million in revenues in 2011. Terms of the transaction were not disclosed.
The Joint Referral Agreement will provide BBVA Compass clients with access to expanded insurance and related products and services and give USI access to a larger client base. BBVA Compass will retain the BBVA Compass Insurance Agency, Inc. entity and name to support its developing retail insurance strategy exclusively focused on personal lines of insurance for individuals and employee benefit insurance for small businesses under 20 lives.
Commenting on the acquisition, Michael J. Sicard, USI's chairman, president and CEO, said, "This business and team are a great complement to our existing offices in Texas and the entire USI Southwest region. As the preeminent middle-market insurance brokerage in the Southwest area, we look forward to having this strong team join our organization and on the successful execution of the Joint Referral Agreement with Compass Insurance and BBVA Compass."
"USI's experience and tools, as well as its national footprint, will enable our mutual commercial clients to continue to enjoy quality service while also offering them a wider array of customized solutions," said Rafael Bustillo, commercial banking executive for BBVA Compass. "Moving forward, BBVA Compass will leverage its retail distribution network to provide access to personal lines of insurance, such as auto, homeowner, life insurance and other related products. The Joint Referral Agreement - combined with our new retail distribution model - aligns with our goal of becoming the best universal bank in the U.S."
John Collado, USI's Southwest CEO, said, "We expect USI and Compass Insurance clients to benefit through enhanced products and expanded service offerings. I am pleased to officially welcome this team of professionals to the USI team."
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates more than 712 branches including 374 in Texas, 93 in Alabama, 78 in Arizona, 65 in California, 45 in Florida, 36 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the nation's leading Small Business Administration (SBA) lenders, earning 'Lender of the Year' honors in 2009 and 2010. Additional information concerning BBVA Compass can be found on our website www.bbvacompass.com.
About BBVA
BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading Euro zone banks in terms of ROE and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes.
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.
USI Insurance Services ("USI") today announced the acquisition of the Euclid Insurance Retail Property & Casualty and Employee Benefits Division ("Euclid Retail Business") from Euclid Insurance Services, Inc. The Euclid Retail Business, based in Itasca, Illinois, is expected to contribute approximately $7.3 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.
Euclid Insurance Services, Inc., is retaining and currently expanding their health and life general agency business and their commercial managing general agency program businesses. Also unaffected by the sale is their Euclid Insurance Agencies, LLC, business located in Melbourne, Florida.
Euclid Retail Business specializes in commercial property & casualty and employee benefits insurance for middle-market companies and personal lines insurance for individuals throughout the Mid-West. The firm focuses on providing high value risk mitigation solutions to its clients through a variety of means including extensive policy form reviews, insurance plan design, loss control services, and in depth claim data analysis.
Commenting on the acquisition, Michael J. Sicard, USI's chairman, president, and CEO, said, "Euclid Retail Business is a great complement to our existing presence in the Greater Chicago Area. This acquisition strengthens our position as one of the leading middle market insurance brokerage firms in Mid-West and one of the largest middle market insurance brokerage firms in the United States. I am pleased to welcome professionals from Euclid Retail Business to our team."
John N. Colis, president and CEO of Euclid Insurance Services, Inc., said: "USI is an excellent fit for Euclid Retail Business employees and clients. USI shares our commitment to providing professional service that exceeds client expectations."
About Euclid Insurance Services
Formed in 1952, Euclid has grown to become one of the largest brokers in Illinois. Euclid operates as a health and life general agency and a commercial managing general agency through its Euclid Managers, Euclid Executive Liability Managers and Euclid Specialty Managers subsidiaries. Euclid is headquartered in Itasca, IL and has offices in Kansas City, MO, Fairfax, VA, New York, NY and Melbourne, FL. Additional information about Euclid may be found at www.euclidmanagers.com.
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.
USI Insurance Services ("USI"), today announced that it has acquired most of the assets of The Pinnacle Group ("Pinnacle"). Based in Virginia Beach, Virginia, Pinnacle is a full-service employee benefits consulting firm specializing in middle-market business and is expected to contribute approximately $3.3 million in annual revenues to USI. Terms of the transaction were not disclosed.
"Under Anthony Jernigan's leadership, Pinnacle has built a solid reputation for superior client service in the Hampton Roads area. The Pinnacle acquisition strengthens our existing MidAtlantic organization and USI's rapidly expanding employee benefit practice in the state of Virginia," said USI's MidAtlantic regional CEO, Steven C. Deal. "This acquisition reinforces USI's current position as one of the leading insurance brokerage firms in the state and our focus on providing exceptional consulting services to clients. I am pleased to welcome Anthony Jernigan and the rest of Pinnacle's professionals to the USI team."
Anthony B. Jernigan, president, CEO and founder of Pinnacle, agreed, stating, "The combination of our two strong employee benefit practices will enable us to offer our clients expanded products and services. USI's strategic, client-focused practice is an exceptional fit for Pinnacles' clients and employees. In joining the USI team, Pinnacle will continue its tradition of excellent client service."
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.