New York-based insurance brokerage USI Insurance Services L.L.C. has acquired Muncie, Indiana-based First Merchants Insurance Group from First Merchants Corp.
The terms of the deal were not disclosed.
First Merchants Insurance Group is a retail property/casualty and employee benefits insurance brokerage with 140 U.S. offices.
First Merchants Insurance Group President and CEO Curt Stephenson along with 40 First Merchant Insurance Group employees will be joining USI. First Merchants Insurance Group will operate under the USI Insurance Services name, a USI spokeswoman said.
In a Monday statement, USI Chairman, President and CEO Michael J. Sicard commented on the new addition, saying, “We see Indiana as a tremendous place for investment and expansion.”
USI Holdings Corp. is the ninth-largest broker of U.S. business, according to Business Insurance’s latest ranking.
USI Insurance Services L.L.C. has launched a builder’s risk program for projects of all sizes and types that expands the coverage terms typically offered to middle market customers, the Valhalla, New York-based brokerage announced Monday.