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BRIARCLIFF MANOR, N.Y.--USI Holdings Corp. reported higher revenues and profits for the first nine months of 2006 on its strong growth-by-acquisition strategy.
Total revenues, which include $23.7 million in acquisitions and divestitures, rose 8.2% to $402.2 million in the first three quarters.
On an organic basis, USI said net commission and fees, which exclude $22.7 million in contingent commissions, increased only 0.1% for the nine months compared to the same period last year. The brokerage pointed to a difficult operating environment in California and timing of enrollments in its specialized benefits services segment as reasons behind its stagnant organic growth for the period.
Profits soared more than 300% to $19.8 million, USI said.
In the third quarter, the brokerage recorded expenses of $1.5 million related to an indication of interest from a private equity firm to acquire all of the brokerage's outstanding common stock, which was announced last month (BI, Oct. 30).