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USI Insurance Services Inc. has acquired BOK Financial Insurance Inc., a Denver-based insurance brokerage, from BOK Financial Corp., the companies said in a joint statement issued Friday.
Tulsa, Oklahoma-based BOK Financial Corp. said the deal will result in a pre-tax gain of $28 million after transaction-related expenses and will generate a net benefit to recurring earnings going forward.
BOK Financial Insurance, with 45 employees in Denver, Oklahoma City and Scottsdale, Arizona, specializes in employee benefits, property/casualty and risk management programs. All staff will join USI, according to the statement.
USI is the 10th largest broker of U.S. business, according to the latest Business Insurance ranking.