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RESTON, Va.—USI Insurance Services L.L.C. is acquiring Barros International Ltd., a Reston, Va.-based employee benefits brokerage firm specializing in diplomatic organizations and middle-market businesses.
Terms of the transaction were not disclosed.
“Barros is a great addition to our rapidly expanding employee benefit practice in the greater (Washington, D.C.) area,” said Steven C. Deal, USI’s regional CEO for the Mid-Atlantic, in a statement. “This acquisition strengthens our position as one of the leading insurance brokerage firms in Virginia and one of the largest benefit insurance brokerage firms in the United States.”
Silvia E. Barros, CEO and founder of Barros, said Briarcliff Manor, N.Y.-based USI is an excellent fit for Barros’ clients and employees because both brokerage firms are committed to providing professional service that exceeds clients’ expectations.
“We look forward to working with USI to bring our customers enhanced product and service capabilities,” she said in the statement.
The Barros acquisition is USI’s third acquisition this year. USI previously acquired de la Parte & Associates, a Tampa, Fla.-based employee benefits and insurance consulting firm, and First Place Insurance Agency Ltd., a mid-market broker in Youngstown, Ohio.
USI is the nation’s eighth-largest insurance broker based on 2010 revenue of $632.2 million, according to Business Insurance’s annual rankings.