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BRIARCLIFF MANOR, N.Y.—USI Insurance Services has acquired certain assets of BBVA Compass Insurance Agency Inc., a subsidiary of Birmingham, Ala.-based BBVA Compass Bancshares Inc., USI announced Thursday.
Under the deal, Briarcliff Manor, N.Y.-based USI will gain staff and commercial accounts from Compass Insurance, while BBVA Compass will retain the BBVA Compass Insurance Agency Inc. entity and name to support its focus on personal lines insurance. The business acquired by USI generated approximately $26.7 million in revenues in 2011, the companies said.
“This business and team are a great complement to our existing offices in Texas and the entire USI Southwest region,” USI Chairman, President and CEO Michael J. Sicard said in a statement.
“USI’s experience and tools, as well as its national footprint, will enable our mutual commercial clients to continue to enjoy quality service while also offering them a wider array of customized solutions,” added Rafael Bustillo, commercial banking executive for BBVA Compass.
Terms of the transaction, which includes a joint referral agreement between Compass Insurance and BBVA Compass, were not disclosed.
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.