USI Insurance Services Acquires Wallace / Scott Insurance Services

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Acquisition Further Strengthens USI’s Employee Benefits Presence in Northwest Region

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Christopher J. Prentice, regional CEO for USI’s Northwest region, said: “With this acquisition, we are partnering with seasoned insurance veterans who share in our goal of aggressively growing the middle-market client base in the Northwest."

USI Insurance Services(“USI”) announced the closing on the acquisition of Wallace Insurance Inc. / Scott Insurance Services (“Wallace / Scott”) headquartered in Anchorage, Alaska. This employee benefits practice and all of its employees will join USI’s Anchorage, Alaska, office. By acquiring Wallace / Scott, USI’s footprint in the Northwest has been further extended and strengthens USI’s vision of becoming the nation’s number one brand in the middle-market insurance brokerage industry. Terms of the transaction were not disclosed.

Jeffrey A. Ranf, president and owner of Wallace Insurance Inc., said: “By joining USI, we position ourselves to continue providing that same high-touch, local service our clients deserve and expect. However, now our clients can tap into networked technical resources and a multitude of insurance products that only a national firm, such as USI, can provide.” Paula M. Scott, owner of Scott Insurance, said: “We have always prided ourselves on designing employee benefits programs that are not only cost effective, but add value and bring fresh ideas to the table. I see those same values with USI, and look forward to offering our current and future clients an unparalleled sales experience complemented by an expanded and innovative reach of offerings.”

Wallace / Scott delivers to its clients an array of employee benefit products and services, including expertise in wellness, insured/self-funded plans, group life and disability plans, along with executive business travel accident programs. Established in 1972 by W. David Wallace, Ranf became the president and owner of Wallace Insurance Inc., in 2006. Scott Insurance Services was formed in 1992 by Scott, and, together with Ranf took over and began managing the Alaska Public Employee Insurance Group in 2013.

Christopher J. Prentice, regional chief executive officer for USI’s Northwest region, said: “With this acquisition, we are partnering with seasoned insurance veterans who share in our goal of aggressively growing the middle-market client base in the Northwest. Jeff has more than 30 years experience in employee benefits and Paula has almost 40 years experience as a broker and consultant in the insurance industry. Their reputation for successfully navigating the changing healthcare landscape and delivering superior employee benefits solutions is impressive. I am pleased to welcome Wallace / Scott to the USI family and look forward to collaborating with them to grow our employee benefits practice.”

About USI Insurance Services
USI is the 3rd largest privately held insurance broker(1), the 4th largest privately held commercial lines broker in the United States(2), and the 13th largest insurance brokerage firm in the world(3). USI is also the 2nd largest privately held personal lines broker in the United States(2) and the 7th largest benefits broker ranked by global benefits revenue(4). 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 Business Insurance Largest Privately Owned Brokers, July 21, 2014
2 Insurance Journal Top 50 Privately Held Personal Lines (excludes non standard auto brokers-aggregators) and Privately Held Commercial Lines Leader Ranking 2013
3 Best's Review's Leader Issue July 2014, Top Global Insurance Brokers Ranking
4 Business Insurance Largest Benefits Brokers, July 21, 2014

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