USI Insurance Services in Valhalla has acquired a construction insurance and bonding company in New Jersey and a retail property and casualty insurance and employee benefits brokerage headquartered in Indiana.
Financial terms of the recently closed deals were not disclosed by USI, an insurance brokerage and consulting company with more than 4,400 employees in 140 offices nationwide.
The Valhalla company acquired Kore Group Inc., a New Jersey company that does business as Construction Agency Professionals. A USI spokesperson said about 10 employees from CAP are joining USI”™s West Orange, N.J., office, bringing the total number of employees there to 50.
The acquired company is a retail insurance broker providing insurance and surety products directly to construction companies and contractors. USI executives said the acquisition further strengthens USI”™s presence as a middle-market insurance brokerage and consulting firm for the construction industry in metropolitan New York.
USI officials said the company”™s middle-market presence in the Midwest has been strengthened by the recent acquisition of First Merchants Insurance Group, a retail property and casualty and employee benefits insurance brokerage based in Anderson, Ind.
In connection with the sale deal, First Merchants and USI have entered into a strategic marketing agreement to provide First Merchants”™ clients with continuing access to property and casualty insurance and employee group benefits products and services, according to spokespeople for the companies.
Commenting on the First Merchants deal, Michael J. Sicard, USI chairman, president and CEO, said his company sees Indiana “as a tremendous place for investment and expansion.”
With approximately $1 billion in annualized revenue, USI is the third-largest privately held insurance broker and the fourth-largest privately held commercial lines broker in the U.S., and the 13th-largest insurance brokerage firm in the world, according to the company.
