USI grows with Mid-Atlantic property/casualty, benefits acquisitionReprints
Valhalla, New York-based USI Insurance Services L.L.C. said Friday it had acquired substantially all of the assets of MVB Insurance L.L.C. from MVB Financial Corp.
Terms of the deal were not disclosed.
MVB Insurance is a retail property/casualty and employee benefits insurance brokerage firm based in Morgantown, West Virginia. The company has about 25 employees, all of whom have been offered jobs. MVB Insurance will retain the assets related to, and continue to operate, its title insurance business, a USI statement said.
John J. Micale, USI MidAtlantic regional CEO said in the statement that “USI is already the largest insurance brokerage operation in West Virginia, and this acquisition further strengthens our footprint in this marketplace and our ability to deliver our clients an unparalleled suite of services and solutions.”
L. Randall “Randy” Cober, CEO of MVB Insurance, said: “Our partnership with John and his team will enable us to continue providing the same genuine attention and responsiveness our clients have come to expect, while offering them a wider array of consulting and brokerage solutions through USI’s proprietary analytics, networked resources and enterprise planning.”
USI Holdings Corp. is the eighth-largest broker of U.S. business, according to Business Insurance’s latest ranking.