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USI Insurance Services L.L.C. said Tuesday it has acquired Ohio-based agency Diversified Insurance Service L.L.C.
Terms of the deal were not disclosed. Diversified Insurance Service is an Elmore, Ohio-based risk management and employee benefits agency that provides personal risk, commercial and employee benefits products throughout Ohio.
USI, the ninth-largest broker of U.S. business according to Business Insurance’s latest ranking, continues with its acquisition strategy even while the brokerage itself is subject to speculation that it may be acquired.
Reuters reported last week that Toronto-based private equity firm Onex Corp. is exploring a sale of USI, hoping that a deal will value the U.S. insurance brokerage at as much as $4 billion, including debt, according to people familiar with the matter.
Diversified Insurance Service will continue with its current staff and leadership team, a USI spokeswoman said. Diversified Insurance Service will operate under the USI Insurance Services brand and is currently in transition, according to the spokeswoman.
Brown & Brown Inc. on Tuesday said a subsidiary of Hull & Co. L.L.C., which Brown & Brown purchased in 2005, has acquired the commercial managing general agent operations of The Insurance House Inc.