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USI buys retail property/casualty, employee benefits arms of Euclid Insurance


BRIARCLIFF MANOR, N.Y.—USI Insurance Services L.L.C. said Wednesday that it has acquired the retail property/casualty and employee benefits divisions of Itasca, Ill.-based Euclid Insurance Services Inc. for an undisclosed amount.

Grouped together as the Euclid retail business division, the company's property/casualty and employee benefits segments are expected to contribute about $7.3 million to USI's annual revenue, the Briarcliff Manor, N.Y.-based company said in a statement.

Both units target primarily middle-market companies in the Midwest.

Under the agreement, Euclid will retain its health and life general agency and its commercial managing general agency.

"Euclid retail business is a great complement to our existing presence in the greater Chicago area,” Michael J. Sicard, USI's president and CEO, said the statement.

USI Holding Corp. was the eighth-largest broker of U.S. business, according to the 2011 Business Insurance ranking.