U.S.I. Holdings Corporation (Nasdaq: USIH) of Briarcliff Manor, N.Y. has acquired Nashville, Tenn.-based Benefit Partners of America.
The acquisition is expected to contribute approximately $4 million of revenues to USI on an annual basis. Terms of the transaction were not disclosed.
Founded in 1970, Benefit Partners, formerly Turner P. Williams & Associates LLC, is a worksite marketing firm that designs, markets and administers voluntary insurance programs via payroll deduction for large U.S. employers. The combination of USI’s existing Specialized Benefits Division, includes worksite marketing Custom Benefit Programs and Future Planning Associates, with Benefit Partners.
“USI will enhance our position as one of the largest single producers of voluntary benefits in the insurance brokerage industry, with three distinct distribution channels,” David L. Eslick, USI’s chairman, president and CEO, said. “We are now well positioned to serve one of the fastest growing segments of the financial services industry.”
According to Gregory J. Morano, president and CEO of USI Specialized Benefits Division, Benefit Partners has decades of proven service to clients in manufacturing, the service industry and financial services.
Morano announced the appointment of Brad Wier as chief marketing officer for the Specialized Benefits Division and Greg Voges as president and managing director of Benefit Partners. Harold Chandler will be responsible for the division’s strategic development.
Founded in 1994, USI distributes insurance and financial products and services to businesses. USI is headquartered in Briarcliff Manor, N.Y., and operates 64 offices in 19 states.
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