Valhalla, N.Y. (PRWEB) July 21, 2014
USI Insurance Services (“USI”) announced the closing of the acquisition of BHB Insurance Services (“BHB”) headquartered in Toms River, N.J. Terms of the transaction were not disclosed.
As one of the largest independent insurance agencies in New Jersey, BHB is best known for its community associations practice group (primarily condos and homeowners associations), which dates back to the 1970’s. BHB also provides a wide array of other commercial and personal property and casualty products and services. A new location for USI, BHB’s office and its employees will remain in Toms River, New Jersey and continue serving their clients throughout the State. By acquiring this agency, USI’s Northeast footprint has been further extended in this important and growing market, and strengthens the Company’s vision of becoming the number one brand in the middle-market insurance brokerage industry in the United States.
“For over 45 years, we have built a solid reputation through an ever-expanding list of clientele and dedicated staff,” said Graham Blundell, co-partner, of BHB Insurance Services. “This acquisition enables us to combine our local technical expertise with USI’s national network of resources, and offer an expanded set of measurable and actionable solutions that will enhance our clients’ bottom-line success.”
James M. Butler, regional chief executive officer for USI Northeast region, said: “BHB has assembled a staff of some of the brightest professionals in the industry who have deep insurance experience and consistently deliver topnotch client service. I am excited to be working with Tom, Graham and their entire team, and welcome them to the USI family.”
Thomas J. Hourigan, co-partner, of BHB Insurance Services, said, “Through our seasoned production team, BHB is well-positioned to leverage our extensive community association practice across a much wider platform, and USI’s world-class resources and wide range of insurance products make them the perfect strategic partner that will take us to that next level. I am excited to be joining USI and look forward to working with Jim to grow our marketshare in New Jersey.”
About BHB Insurance Services
BHB Insurance Services is one of the largest and most respected independent insurance agencies in New Jersey. Headquartered in Tom River, New Jersey, the agency has been protecting our clients with complete and comprehensive insurance programs for more than 45 years. BHB specializes in business insurance, community associations, construction insurance and personal lines insurance.
About USI Insurance Services
USI is the 3rd largest privately held insurance broker , the 4th largest privately held commercial lines broker in the United States , and the 13th largest insurance brokerage firm in the world . With more than 4,000 dedicated, experienced and innovative professionals, USI is a leader in middle market property-casualty, employee benefits, personal lines, retirement, program and specialty business. USI has been recognized for its innovation by Information Week 500 the last three years and Best’s Review January 2014 Innovation Showcase. USI is headquartered in Valhalla, N.Y. and operates out of more than 140 offices across the United States. Additional information about USI may be found at http://www.usi.biz.
1 Insurance Journal Top 100 Privately-Held Independent Agencies Ranking 2013
2 Insurance Journal Top 50 Privately Held Commercial Lines Leader Ranking 2013 (excludes non standard auto brokers-aggregators)
3 Best's Review's Leader Issue July 2014, Top Global Insurance Brokers Ranking