BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
USI Insurance Services LLC has reached an agreement to acquire wholesaler U.S. Risk Insurance Group Inc., in a deal that significantly boosts its presence in the wholesale business.
Terms of the transaction, which is expected to close during this year’s second quarter, were not disclosed.
Dallas-based U.S. Risk will maintain its Dallas headquarters and continue to operate independently under the company’s various brands, with CEO Randall G. Goss and his leadership team continuing to lead its businesses, according to the joint statement issued by the companies Wednesday.
In 2017, wholesale business accounted for about 4% of the premium volume of Briarcliff Manor, New York-based USI, which is the ninth-largest broker worldwide, according to Business Insurance’s latest ranking.
U.S. Risk is the seventh-largest wholesaler, according to Business Insurance’s ranking, with $728 million in premium volume and gross revenue of $62.8 million in 2017. A total of 60% of its business is wholesale, 30% is managing general agency business and 10% is Lloyd’s of London.
USI said earlier this month that it had acquired GFI Insurance Brokerage Inc.
U.S. Risk announced in 2016 that it had entered into a definitive agreement with Kohlberg & Co. LLC for a “significant transaction and partnership” with the Mount Kisco, New York-based private equity firm.
Dallas-based U.S. Risk Insurance Group Inc. has entered into a definitive agreement with Kohlberg & Co. L.L.C. for a “significant transaction and partnership” with the Mount Kisco, New York-based private equity firm.