USI Insurance Services Acquires the Insurance Brokerage Operation of First Merchants Corporation
Valhalla, N.Y. (PRWEB) June 15, 2015 -- USI Insurance Services (“USI”) announced today the closing on the acquisition of First Merchants Insurance Group, a retail property-casualty and employee benefits insurance brokerage operation, from First Merchants Corporation (“First Merchants”). This acquisition further strengthens USI’s presence as one of the leading middle market insurance brokerage and consulting firms in the Midwest, and complements the Company’s full suite of property-casualty, employee benefits, personal lines, retirement and specialty offerings. In connection with the sale transaction, First Merchants and USI have entered into a strategic marketing agreement to provide First Merchants’ clients with continuing access to P&C insurance and employee group benefits products and services.
Commenting on the acquisition, Michael J. Sicard, USI’s chairman, president and chief executive officer, said: “We are thrilled to be welcoming Curt Stephenson and the entire team of talented and experienced insurance professionals to USI. We see Indiana as a tremendous place for investment and expansion. We are working closely with the team coming together in this transaction to continue their support and bring enhanced resources, innovations and solutions for our clients through our unique and innovative USI ONE Advantage™.”
Michael C. Rechin, president and chief executive officer of First Merchants Corporation, said: “USI is an excellent fit for First Merchants Insurance Group’s clients and employees. We share USI’s commitment to providing superior performance and expect the synergies created by this acquisition to benefit the clients through broadened expertise in insurance and expanded product offerings. Additionally, the employees of First Merchants Insurance Group have strong industry experience in such markets as education, public entities, construction and not-for-profit and significant capabilities in personal lines, property-casualty and employee benefits, making them a perfect match for USI’s client-centric culture at the local level.”
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.
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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
Cecile Locurto, USI Insurance Services, http://www.usi.biz, +1 914-747-6331, [email protected]
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