USI Insurance Services Acquires KORE Group, Inc. dba Construction Agency Professionals

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Acquisition Further Strengthens USI’s Footprint in Construction Risk Services

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By joining USI, our clients will enjoy unmatched technical resources along with benefiting from expanded solutions supported by a group of high touch, high service professionals,” said Michael S. Culnen, president and chief executive officer of CAP

USI Insurance Services (“USI”) announced today that it has acquired the insurance property-casualty construction and surety business of KORE Group, Inc., dba: Construction Agency Professionals (CAP). This business and its employees will join USI’s West Orange, New Jersey, office. Terms of the transaction were not disclosed.

CAP is a retail insurance broker focused on providing insurance and surety products directly to construction companies and contractors. This acquisition further strengthens USI’s presence as a leading middle market insurance brokerage and consulting firm for the construction industry in the New York metropolitan markets.

“CAP is known for providing top-notch solutions to public and private contractors so they may achieve healthy, sustainable and profitable growth. By joining USI, our clients will enjoy unmatched technical resources along with benefiting from expanded solutions supported by a group of high touch, high service professionals,” said Michael S. Culnen, president and chief executive officer of Construction Agency Professionals.

James M. Butler, regional chief executive officer for the USI Northeast region, said: “CAP’s talented group of professionals has an impressive track record for growing construction companies, making them a perfect match with our game-changing platform known as the USI ONE Advantage™. This approach integrates business analytics with a networked team of national and local experts using a consultative planning process to generate targeted risk management solutions. I am excited to have CAP join us and welcome them to USI.”

About USI Insurance Services
With more than 4,400 dedicated, experienced and innovative professionals connected across over 140 offices throughout the United States, USI is a leader in insurance brokerage and consulting in property-casualty, employee benefits, personal risk services, retirement, program and specialty solutions. With approximately $1.0 billion in annualized revenue, 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 3rd largest privately held personal lines broker in the United States(2) and the 7th largest benefits broker ranked by global benefits revenue(4). USI has been recognized for its innovation by Information Week 500 the last three years and Best’s Review January 2014 Innovation Showcase. Additional information about USI may be found at http://www.usi.biz.

About Construction Agency Professionals
Construction Agency Professionals (CAP) is a leading consulting and financial services firm dedicated exclusively to construction contractors. Its resources and support capacities encompass the full range of disciplines needed to enhance relationships with bankers, sureties and other creditors, mitigate risk and achieve continuity and business perpetuation. Since its inception, CAP has successfully placed billions of construction credit needs across America. CAP’s team of experienced consultants and advisors provides a disciplined framework for the development and execution of a strategic plan, enabling contractors to achieve profitable growth and long-term sustainability.

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1 Business Insurance Largest Privately Owned Brokers, July 21, 2014
2 Insurance Journal’s 2013 Top 50 Privately Held Personal Lines (excludes non standard auto brokers-aggregators) and Insurance Journal’s 2014 Privately Held Commercial Lines Leader Ranking
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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