USI unit acquires wholesale employee benefits brokeragePosted On: Jan. 25, 2016 12:00 AM CST
USI Insurance Services L.L.C. said Monday that it has acquired Marlton, New Jersey-based employee benefits wholesale brokerage CBDI Inc.
The terms of the deal were not disclosed.
CBDI will combine with Valhalla, New York-based USI’s employee benefits wholesale brokerage unit, Emerson Reid L.L.C., according to a USI statement released Monday.
CBDI’s 26 employees will remain at their current location, and the firm’s former President Jack J. Piccininni will be vice president of product development for the combined organization.
CBDI caters to brokerage firms in the Delaware Valley, where it offers benefits products, broker support, benefit administration and consumer options, including individual and Medicare coverage, according to the statement.
A USI spokeswoman declined to disclose CBDI’s annual revenue.
“We are excited to join Emerson Reid and combine our resources to best position our broker partners for success as the employee benefits market continues to grow in complexity, and increased competition from nontraditional benefit companies,” Mr. Piccininni said in the statement. “Our brokers will now have access to Emerson Reid’s specialized departments, sophisticated marketing technology, and in-depth ACA and compliance resources.”
“CBDI’s business model perfectly complements ours, and the quality and knowledge of their staff will help us to further our goal of growing and protecting our clients’ business,” Emerson Reid President George A. Rosiak said in the statement.