USI Insurance Services to purchase Van Gilder Insurance
Reprints
USI Insurance Services L.L.C. said it has entered into a purchase agreement to acquire Denver-based Van Gilder Insurance Corp.
This acquisition, terms of which were not disclosed, is expected to close Dec. 10, USI said Tuesday in a statement.
Van Gilder will change its name to USI Colorado, and the company's office and employees will remain in Denver. Van Gilder President Donald McG. Woods and Chief Financial Officer Edward M. Harrington Jr. will remain in their leadership roles.
“Through this acquisition, we are not only expanding our national footprint, but our mutual strengths in client service and industry knowledge will benefit both Van Gilder and USI's clients,” USI President, CEO and Chairman Michael J. Sicard said in the statement.
“Selling Van Gilder to USI is a positive decision for our company, our people and customers,” Dell Van Gilder Jr., former chairman of Van Gilder's board, said in the statement.
Former Van Gilder CEO Michael Van Gilder and Roger Parker, former CEO of Delta Petroleum Corp., were named in a 2012 civil action filed by the Securities and Exchange Commission in connection with a criminal indictment alleging that Mr. Van Gilder illegally profited from a December 2007 purchase of stock in the oil and gas exploration company.
Mr. Van Gilder, who resigned as CEO in October 2012, was sentenced in August to five years of probation, six months of house arrest and a $5,000 fine after pleading guilty to one count of securities fraud. Also as part of the plea agreement, he repaid $86,100 of his ill-gotten gains as a result of the insider trading incident.
