Byline: Benzinga Staff
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--
USI Insurance Services ("USI"), today announced the closing of theacquisition of Plumhoff & Associates ("Plumhoff"), a Houston, Texas,based employee benefit brokerage firm specializing in corporate health and welfare benefits, executive benefits, and international benefits for upper middle-market businesses. The acquisition is expected tocontribute approximately $6.4 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.
Commenting on the acquisition, Michael J. Sicard, USI's chairman, president and CEO, said: "Plumhoff is an exceptional addition and complement to our existing office in Houston. This acquisition strengthens our position as one of the largest insurance brokerage firms in the Southwest and one of the largest benefit insurance brokerage firms in the United States. I am pleased to welcome Craig Plumhoff, Larry Kachler, Mark Grierson, Dale Shivers and the rest of the exceptional professionals from Plumhoff to our team."
W. Craig Plumhoff, Chairman of the Board of Plumhoff, said: "By joining the USI team, Plumhoff will continue its tradition of excellence in customer service. USI shares our commitment to providing professional service that exceeds client expectations. We look forward to working with USI to bring our customers enhanced product and service capabilities."
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 78 offices in 23 states. USI is a portfolio companyof Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co. Additional information about USI may be found at www.usi.biz.
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