USI Insurance Services acquires benefits specialty agency

USI Insurance Services L.L.C. said on Tuesday that it has acquired Plymouth, Minnesota-based Hanratty & Associates Inc.

The terms of the transaction were not disclosed.

Hanratty & Associates is an insurance agency that provides employee benefits consulting, third-party administration, human resource solutions, health care reform compliance, wellness consulting, financial services and risk management.

Hanratty & Associates’ 25 employees will remain at their current Plymouth location and operate under the name Hanratty & Associates, A Division of USI Insurance Services for 6 months, a USI spokeswoman said in an emailed statement.

“As an award winning insurance agency, Hanratty & Associates is known for taking the personal approach to delivering outstanding employee benefits solutions and health care expertise to their clients. Minnesota is a strategic area where USI is looking to invest, expand and grow, and Justin (Justin T. Hanratty, CEO of Hanratty & Associates Inc.) and his team foster a culture and value system which are very similar to ours,” Michael J. Sicard, chairman, president and CEO of New York-based USI, said in a statement.