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USI revenues, profits rise in 2006


BRIARCLIFF MANOR, N.Y.--USI Holdings Corp. reported increased revenues and profits for 2006 Thursday and detailed several strategic operating decisions that it had implemented during the fourth quarter of last year.

Total revenues at the Briarcliff Manor, N.Y.-based brokerage were $551.6 in 2006, an 8.5% increased compared with 2005, while profits more than doubled to $20.6 million.

During the fourth quarter, USI said it incurred $7 million in expenses, primarily relating to the integration of Seattle-based brokerage Kibble & Prentice and to difficulties in its California retail insurance operations.

Specific actions undertaken by USI include the integration of two offices, management changes, the elimination of certain positions and the termination of one business relationship, the brokerage said. It did not provide further details, and a spokeswoman was not immediately available for comment.

USI announced in January that it signed a definitive agreement to be acquired by GS Capital Partners, a private equity affiliate of Goldman, Sachs & Co., for $1.4 billion (BI, Jan. 22).

USI said it incurred $2.7 million in costs related to the proposed transaction.