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Member, Beacon International Group, Ltd.
BRIARCLIFF MANOR, N.Y.--USI Holdings Corp. announced Tuesday that its board has formed a special committee "in response to an indication of interest received from a private equity firm in acquiring all of the outstanding stock" of the brokerage.
The special committee will consist of outside directors and will be assisted by Lazard Freres & Co. L.L.C. and Dewey Ballantine L.L.P. "No assurance can be given that any transaction will be entered into or consummated," said USI in a statement announcing the proposal.
A USI spokeswoman declined to identify the equity firm that made the proposal.
USI ranked ninth on Business Insurance's 2006 list of the top 100 brokers of U.S. business (BI, July 17).