Press Releases

June 15, 2015
USI Insurance Services Acquires the Insurance Brokerage Operation 
of First Merchants Corporation
Acquisition Further Extends Midwest and Indiana Footprint, and Strengthens USI’s Broad-Based Retail Expertise in Education, Public Entities, Construction and Not-For-Profit Markets

VALHALLA, N.Y., June 15, 2015 - USI Insurance Services ("USI") announced today the closing on the acquisition of First Merchants Insurance Group, a retail property-casualty and employee benefits insurance brokerage operation, from First Merchants Corporation ("First Merchants"). This acquisition further strengthens USI's presence as one of the leading middle market insurance brokerage and consulting firms in the Midwest, and complements the Company's full suite of property-casualty, employee benefits, personal lines, retirement and specialty offerings. In connection with the sale transaction, First Merchants and USI have entered into a strategic marketing agreement to provide First Merchants' clients with continuing access to P&C insurance and employee group benefits products and services.

Commenting on the acquisition, Michael J. Sicard, USI's chairman, president and chief executive officer, said: "We are thrilled to be welcoming Curt Stephenson and the entire team of talented and experienced insurance professionals to USI. We see Indiana as a tremendous place for investment and expansion. We are working closely with the team coming together in this transaction to continue their support and bring enhanced resources, innovations and solutions for our clients through our unique and innovative USI ONE Advantage™."

Michael C. Rechin, president and chief executive officer of First Merchants Corporation, said: "USI is an excellent fit for First Merchants Insurance Group's clients and employees. We share USI's commitment to providing superior performance and expect the synergies created by this acquisition to benefit the clients through broadened expertise in insurance and expanded product offerings. Additionally, the employees of First Merchants Insurance Group have strong industry experience in such markets as education, public entities, construction and not-for-profit and significant capabilities in personal lines, property-casualty and employee benefits, making them a perfect match for USI's client-centric culture at the local level."

About USI Insurance Services
With more than 4,400 dedicated, experienced and innovative professionals connected across over 140 offices throughout the United States, USI is a leader in insurance brokerage and consulting in property-casualty, employee benefits, personal risk services, retirement, program and specialty solutions. With approximately $1.0 billion in annualized revenue, USI is the 3rd largest privately held insurance broker1, the 4th largest privately held commercial lines broker in the United States2, and the 13th largest insurance brokerage firm in the world3, . USI is also the 3rd largest privately held personal lines broker in the United States2 and the 7th largest benefits broker ranked by global benefits revenue4. USI has been recognized for its innovation by Information Week 500 the last three years and Best's Review January 2014 Innovation Showcase. Additional information about USI may be found at www.usi.biz.

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1 Business Insurance Largest Privately Owned Brokers, July 21, 2014
2 Insurance Journal’s 2013 Top 50 Privately Held Personal Lines (excludes non standard auto brokers-aggregators) and Insurance Journal’s 2014 Privately Held Commercial Lines Leader Ranking
3 Best's Review's Leader Issue July 2014, Top Global Insurance Brokers Ranking
4 Business Insurance Largest Benefits Brokers, July 21, 2014

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June 8, 2015
USI Insurance Services Acquires  
KORE Group, Inc. dba Construction Agency Professionals
Acquisition Further Strengthens USI’s Footprint in Construction Risk Services

VALHALLA, N.Y., June 8, 2015 - USI Insurance Services ("USI") announced today that it has acquired the insurance property-casualty construction and surety business of KORE Group, Inc., dba: Construction Agency Professionals (CAP). This business and its employees will join USI's West Orange, New Jersey, office. Terms of the transaction were not disclosed.

CAP is a retail insurance broker focused on providing insurance and surety products directly to construction companies and contractors. This acquisition further strengthens USI's presence as a leading middle market insurance brokerage and consulting firm for the construction industry in the New York metropolitan markets.

"CAP is known for providing top-notch solutions to public and private contractors so they may achieve healthy, sustainable and profitable growth. By joining USI, our clients will enjoy unmatched technical resources along with benefiting from expanded solutions supported by a group of high touch, high service professionals," said Michael S. Culnen, president and chief executive officer of Construction Agency Professionals.

James M. Butler, regional chief executive officer for the USI Northeast region, said: "CAP's talented group of professionals has an impressive track record for growing construction companies, making them a perfect match with our game-changing platform known as the USI ONE Advantage™. This approach integrates business analytics with a networked team of national and local experts using a consultative planning process to generate targeted risk management solutions. I am excited to have CAP join us and welcome them to USI."

About USI Insurance Services
With more than 4,400 dedicated, experienced and innovative professionals connected across over 140 offices throughout the United States, USI is a leader in insurance brokerage and consulting in property-casualty, employee benefits, personal risk services, retirement, program and specialty solutions. With approximately $1.0 billion in annualized revenue, USI is the 3rd largest privately held insurance broker1, the 4th largest privately held commercial lines broker in the United States2, and the 13th largest insurance brokerage firm in the world3, . USI is also the 3rd largest privately held personal lines broker in the United States2 and the 7th largest benefits broker ranked by global benefits revenue4. USI has been recognized for its innovation by Information Week 500 the last three years and Best's Review January 2014 Innovation Showcase. Additional information about USI may be found at www.usi.biz.

About Construction Agency Professionals
Construction Agency Professionals (CAP) is a leading consulting and financial services firm dedicated exclusively to construction contractors. Its resources and support capacities encompass the full range of disciplines needed to enhance relationships with bankers, sureties and other creditors, mitigate risk and achieve continuity and business perpetuation. Since its inception, CAP has successfully placed billions of construction credit needs across America. CAP's team of experienced consultants and advisors provides a disciplined framework for the development and execution of a strategic plan, enabling contractors to achieve profitable growth and long-term sustainability.

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1 Business Insurance Largest Privately Owned Brokers, July 21, 2014
2 Insurance Journal’s 2013 Top 50 Privately Held Personal Lines (excludes non standard auto brokers-aggregators) and Insurance Journal’s 2014 Privately Held Commercial Lines Leader Ranking
3 Best's Review's Leader Issue July 2014, Top Global Insurance Brokers Ranking
4 Business Insurance Largest Benefits Brokers, July 21, 2014

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May 19, 2015
USI Insurance Services Acquires Personal Risk Services  
Business from BBVA Compass Insurance Agency
Acquisition Further Strengthens USI’s Footprint in Personal Risk Services

VALHALLA, N.Y., May 19, 2015 - USI Insurance Services ("USI") announced that it has acquired the personal risk services business of BBVA Compass Insurance Agency, Inc. These accounts are defined as homeowner, automobile, umbrella and other recreational policies and will be combined into the USI Phoenix operations.

This acquisition further strengthens USI's presence as a leading middle market insurance brokerage and consulting firm throughout Arizona, and complements the Company's wide range of personal risk services,commercial property-casualty, employee benefits and retirement consulting offerings. Terms of the transaction were not disclosed.

"The clients included in this transaction will benefit from USI's experience and tools, receiving quality service and a wide array of customized solutions," said Lorin McMurray, BBVA Compass Insurance Agency president.

Wick Pilcher, USI's operating company president for Arizona, said: "With this acquisition, the business is a perfect match with our approach known as the USI ONE Advantage™. This approach integrates analytics with a networked team of local and national experts using a consultative planning process for the growth and success of our clients and prospects."

About USI Insurance Services
With more than 4,400 dedicated, experienced and innovative professionals connected across over 140 offices throughout the United States, USI is a leader in insurance brokerage and consulting in property-casualty, employee benefits, personal risk services, retirement, program and specialty solutions. With approximately $1.0 billion in annualized revenue, USI is the 3rd largest privately held insurance broker1, the 4th largest privately held commercial lines broker in the United States2, and the 13th largest insurance brokerage firm in the world3, . USI is also the 3rd largest privately held personal lines broker in the United States2 and the 7th largest benefits broker ranked by global benefits revenue4. USI has been recognized for its innovation by Information Week 500 the last three years and Best's Review January 2014 Innovation Showcase. Additional information about USI may be found at www.usi.biz.

About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 672 branches, including 341 in Texas, 89 in Alabama, 77 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico, and commercial and private client offices throughout the U.S. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass earned the top ranking with customers in American Banker's 2014 annual reputation survey of the top 25 largest U.S. retail banks. It also has been recognized as one of the leading small business lenders by the Small Business Administration and in 2014 ranked 12th nationally in total SBA loan volume. Additional information about BBVA Compass can be found at www.bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.

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1 Business Insurance Largest Privately Owned Brokers, July 21, 2014
2 Insurance Journal’s 2013 Top 50 Privately Held Personal Lines (excludes non standard auto brokers-aggregators) and Insurance Journal’s 2014 Privately Held Commercial Lines Leader Ranking
3 Best's Review's Leader Issue July 2014, Top Global Insurance Brokers Ranking
4 Business Insurance Largest Benefits Brokers, July 21, 2014

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April 22, 2015
USI Insurance Services Honors Summit Winners During 4th Annual Event 
Summit 2014 Class of Honorees Increased by 33 Percent Over Last Year

VALHALLA, N.Y., April 22, 2015 - USI Insurance Services ("USI") honored Summit winners across the country during its 4th annual celebration. As a Summit recipient, USI is recognizing the best of the best - over 500 associates were selected for this distinction.

Michael J. Sicard, USI's chairman, president and CEO, said, "It's an incredible honor to have such a wonderful group of Summit winners representing our company. Each day they help to lead and develop our brand as we grow USI into the premier insurance brokerage and consulting firm in the United States. The power of USI, and our ability to bring the best solutions and services to our clients and our communities, comes through the knowledge and experience of great individual associates together as ONE – the USI ONE AdvantageTM. All of our Summit winners across the country exemplify superior professionalism, a driving passion to succeed and the true spirit of this award, and I am proud to have them as members of the USI family."

The USI ONE Advantage is a game-changing value proposition that delivers a unique set of enterprise solutions and resources to clients and provides a unique platform and path for the professional development of the Company's associates. USI ONETM is an acronym for Omni, Network, Enterprise, and it represents the three key elements that create the USI ONE Advantage and set USI apart as the leading middle market risk management firm in the United States.

The USI Summit Awards were created in 2011 as reward and recognition for USI's associates country-wide who serve both internal and external clients. It was the first of its kind at USI and unique for the insurance brokerage industry. The "Summit Experience" includes company-wide recognition, local office celebrations, and a "special" off site day planned for the winners in recognition of how they go above and beyond each day in their jobs. For 2014, USI Summit winners nationwide ranged from one to 43 years of service. The Summit 2014 class of honorees increased by 33 percent over last year and will continue to grow as USI's business expands.

About USI Insurance Services
With more than 4,400 dedicated, experienced and innovative professionals connected across over 140 offices throughout the United States, USI is a leader in insurance brokerage and consulting in property-casualty, employee benefits, personal risk services, retirement, program and specialty solutions. With approximately $1.0 billion in annualized revenue, USI is the 3rd largest privately held insurance broker1, the 4th largest privately held commercial lines broker in the United States2, and the 13th largest insurance brokerage firm in the world3, . USI is also the 3rd largest privately held personal lines broker in the United States2 and the 7th largest benefits broker ranked by global benefits revenue4. USI has been recognized for its innovation by Information Week 500 the last three years and Best's Review January 2014 Innovation Showcase. Additional information about USI may be found at www.usi.biz.

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1 Business Insurance Largest Privately Owned Brokers, July 21, 2014
2 Insurance Journal’s 2013 Top 50 Privately Held Personal Lines (excludes non standard auto brokers-aggregators) and Insurance Journal’s 2014 Privately Held Commercial Lines Leader Ranking
3 Best's Review's Leader Issue July 2014, Top Global Insurance Brokers Ranking
4 Business Insurance Largest Benefits Brokers, July 21, 2014

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April 21, 2015
USI Insurance Services Named Agency of the Year at NetVU15 
Honored for Blazing New Trails in Innovative Technology in the Insurance Industry

VALHALLA, N.Y., April 21, 2015 - USI Insurance Services ("USI") announced that it was named the Vertafore "Agency of the Year" during NetVU15, the largest technology conference in insurance, held March 26-28, 2015, in Indianapolis, Indiana. The awards are special recognition to customers and partners who display leadership and vision in the industry. USI received this award at a special invitation-only gala in conjunction with an awards ceremony that was presented during the NetVU15 users conference.

USI's project management and implementation teams are "outstanding" according to multiple nominations by Vertafore employees. Mark Sonders, senior vice president of sales and marketing at Vertafore, said: "Stew and his team at USI leveraged a technology platform to act and perform like a technology company. They are blazing new trails to the future. USI is an industry leader, and we're proud they use Vertafore software to build their businesses and communities."

USI has seen massive savings of personnel time, increases in efficiencies, and a significant reduction in E&O exposure due to the leveraging of this technology. One example of this innovation is eDelivery. This was developed over two years ago using Sagitta & WorkSmart, to directly ingest all documents from their top carriers, and route into a workflow without any human intervention. This has led to the elimination of all mail from these carriers, resulting in faster receipt of information, faster servicing time, faster audits, and millions of dollars in savings. The carriers have also seen their costs drop by 73 percent by using this.

Stewart Gibson, USI's senior vice president and chief information officer, said, "We are extremely honored to be named Agency of the Year at this year's NetVU conference. Being selected is an extraordinary testament to our partnership with Vertafore and to USI's commitment to enhancing our technological resources through innovation and investment."

About USI Insurance Services
With more than 4,400 dedicated, experienced and innovative professionals connected across over 140 offices throughout the United States, USI is a leader in insurance brokerage and consulting in property-casualty, employee benefits, personal risk services, retirement, program and specialty solutions. With approximately $1.0 billion in annualized revenue, USI is the 3rd largest privately held insurance broker1, the 4th largest privately held commercial lines broker in the United States2, and the 13th largest insurance brokerage firm in the world3, . USI is also the 3rd largest privately held personal lines broker in the United States2 and the 7th largest benefits broker ranked by global benefits revenue4. USI has been recognized for its innovation by Information Week 500 the last three years and Best's Review January 2014 Innovation Showcase. Additional information about USI may be found at www.usi.biz.

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1 Business Insurance Largest Privately Owned Brokers, July 21, 2014
2 Insurance Journal’s 2013 Top 50 Privately Held Personal Lines (excludes non standard auto brokers-aggregators) and Insurance Journal’s 2014 Privately Held Commercial Lines Leader Ranking
3 Best's Review's Leader Issue July 2014, Top Global Insurance Brokers Ranking
4 Business Insurance Largest Benefits Brokers, July 21, 2014

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April 6, 2015
USI Insurance Services Launches Builder’s Risk Program to Address Ongoing Pricing and Deductible Inconsistencies Impacting Middle Market Owners and Contractors 
 

Solution Includes No Minimum Damage Level to Respond, Acts of Terrorism Not Certified by Federal Government and Events Carried Out by Foreign National or U.S. Citizen

VALHALLA, N.Y., April 6, 2015 - To address ongoing inconsistencies in pricing, deductibles and terms and conditions offered to middle market owners and contractors, USI Insurance Services (“USI”) has launched a Builder’s Risk Program that provides broader coverage for all project types and sizes, and establishes stable capacity for frame and renovation projects, including catastrophic perils.

This competitively-priced program is a better alternative for owners and contractors who rely on their own property program, which typically has limited capacity and control over claims related to construction activities. Underwritten by Allianz and ACE Group, the USI Builder’s Risk Program can lower premiums by eliminating budget markups and empowers the client with the ability to negotiate the appropriate terms and conditions to meet contractual and lender compliance. In addition, the program accelerates the response time during the bidding process and reduces costs on the value of the project through an expedited claim recovery process.

Robert Meyers, USI’s senior vice president of property & casualty, said: “Middle market clients frequently rely on standard builder’s risk coverages when developing a new property or renovating an existing location. This is their path of least resistance, however, inadequate coverage terms and property transfer problems at completion often create unforeseen costs and delays. At USI, we have developed a custom-built program that creates market competition and enables the negotiation of extensive coverage that better matches our client’s project exposures.”

Email John.Campbell@usi.biz for more information on this program.

About USI Insurance Services
With more than 4,200 dedicated, experienced and innovative professionals connected across over 140 offices throughout the United States, USI is a leader in insurance brokerage and consulting in property-casualty, employee benefits, personal risk services, retirement, program and specialty solutions. With approximately $1.0 billion in annualized revenue, USI is the 3rd largest privately held insurance broker1, the 4th largest privately held commercial lines broker in the United States2, and the 13th largest insurance brokerage firm in the world. USI is also the 2nd largest privately held personal lines broker in the United States2 and the 7th largest benefits broker ranked by global benefits revenue4. USI has been recognized for its innovation by Information Week 500 the last three years and Best's Review January 2014 Innovation Showcase. Additional information about USI may be found at www.usi.biz.

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1 Business Insurance Largest Privately Owned Brokers, July 21, 2014
2 Insurance Journal’s 2013 Top 50 Privately Held Personal Lines (excludes non standard auto brokers-aggregators) and Insurance Journal’s 2014 Privately Held Commercial Lines Leader Ranking
3 Best's Review's Leader Issue July 2014, Top Global Insurance Brokers Ranking
4 Business Insurance Largest Benefits Brokers, July 21, 2014

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January 12, 2015
USI’'s Standalone Terrorism Facility Solution
Better Option to Newly Authorized Government-Backed TRIA Program 
 

Solution Includes No Minimum Damage Level to Respond, Acts of Terrorism Not Certified by Federal Government and Events Carried Out by Foreign National or U.S. Citizen

VALHALLA, N.Y., January 12, 2015 - In the wake of the U.S. Senate passing the Terrorism Risk Insurance Program (TRIA), USI Insurance Services ("USI") announced its Terrorism Facility Solution remains a viable alternative. Unlike the TRIA program, the USI solution is not limited to acts of terrorism certified by the federal government and responds to terrorism events regardless if caused by a foreign national or U.S. citizen. And, whereas the government program will not respond to a terrorism event unless it exceeds $200 million in damage, there is no minimum level for this coverage to respond.

Underwritten by Lloyd's of London, this alternative solution is competitive and available worldwide. Furthermore, it comes with low and flexible deductibles, and is priced individually rather than as a percentage of all-risk premium. To summarize, key features of the program include:

  • a limit of up to a maximum of $200 million;
  • the broadest definition of terrorism available, including coverage for political, religious and ideological-motivated attacks;
  • flexible markets on deductible options, and in some cases offer terms with zero deductible;
  • coverage of terrorism acts not certified by U.S. government;
  • response to events carried out by both U.S. citizens and foreign nationals; and
  • coverage is provided by Lloyds' leading terrorism insurers

Email TRIA@usi.affinity.com for more information on this program.

About USI Insurance Services
With more than 4,200 dedicated, experienced and innovative professionals connected across over 140 offices throughout the United States, USI is a leader in insurance brokerage and consulting in property-casualty, employee benefits, personal risk services, retirement, program and specialty solutions. With approximately $1.0 billion in annualized revenue, USI is the 3rd largest privately held insurance broker1, the 4th largest privately held commercial lines broker in the United States2, and the 13th largest insurance brokerage firm in the world. USI is also the 2nd largest privately held personal lines broker in the United States2 and the 7th largest benefits broker ranked by global benefits revenue4. USI has been recognized for its innovation by Information Week 500 the last three years and Best's Review January 2014 Innovation Showcase. Additional information about USI may be found at www.usi.biz.

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1 Business Insurance Largest Privately Owned Brokers, July 21, 2014
2 Insurance Journal’s 2013 Top 50 Privately Held Personal Lines (excludes non standard auto brokers-aggregators) and Insurance Journal’s 2014 Privately Held Commercial Lines Leader Ranking
3 Best's Review's Leader Issue July 2014, Top Global Insurance Brokers Ranking
4 Business Insurance Largest Benefits Brokers, July 21, 2014

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