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USI Insurance Services L.L.C. will acquire seven retail brokerage offices from certain subsidiaries of Willis North America Inc., part of Willis Group Holdings P.L.C., Valhalla, New York-based USI announced Monday.
Terms of the transaction, which is expected to close late in the third quarter or early in the fourth quarter, were not disclosed, USI said in a statement announcing the acquisition.
USI will acquire Willis offices in Wilmington, Delaware; Vero Beach, Florida; Savannah, Georgia; Moline, Illinois; Wichita, Kansas; and Cheyenne and Mills, Wyoming.
These locations will expand USI's footprint into new states, cities and markets where the company is looking to invest and grow, and employees of these Willis offices will be offered employment with USI at the close of the transaction, said USI in the statement.
“These are new states and cities for USI — places we want to invest and grow in support of these great people, clients and communities. We look forward to doing that in our new locations, and to welcoming our new colleagues,” Michael J. Sicard, USI's chairman, president and CEO, said in the statement.
Willis said the sale conforms to its North American strategy.
“Consistent with its growth plans outlined at Willis' July 2013 investor conference, the sale is part of Willis' strategy to invest selectively in growth markets, defined by geography, industry sector and client segment,” said a spokeswoman from Willis in an email statement to Business Insurance. “In North America, Willis remains focused on aligning its resources across its global platform to deliver innovative and highly relevant risk management and human capital solutions and services to its core clients.”
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