U.S. RISK INSURANCE GROUP FINALIZES SALE TO USI INSURANCE SERVICES
U.S. Risk Insurance Group (U.S. Risk), one of the nation’s largest property and casualty program and specialty brokerage firms, today announced the completion of its previously announced agreement to be acquired by USI Insurance Services (USI), a leading insurance brokerage and consulting firm. Terms of the transaction were not disclosed.
U.S. Risk will maintain its Dallas headquarters and continue to operate independently under the company’s various existing brands, U.S. Risk, Oxford, MGB, James Hampden International, Antarah and UNIS. U.S. Risk Chief Executive Officer Randall G. Goss and his current leadership team will remain and continue to lead these businesses.
Commenting on the transaction, Mr. Goss stated: “Having completed this transaction, U.S. Risk will continue to accelerate the path we have set for ourselves as a leading program manager and specialty brokerage firm both domestically and internationally. USI maintains an established track record of operating independent, successful program and specialty brokerage businesses. We remain committed to the same quality of service and the growth and profitability of our carrier partners and retail agents.”
Sandler O’Neill + Partners, L.P. served as financial advisor, and Ropes & Gray LLP served as legal counsel to U.S. Risk in this transaction. Simpson Thacher & Bartlett LLP served as legal counsel to USI.