USI Buys National Insurance Specialists

USI Insurance Services, which is backed by Goldman Sachs Capital Partners, has acquired certain assets of National Insurance Specialists. Financial terms weren’t disclosed. The buy is expected to contribute approximately $1.6 million in revenues to USI on an annual basis.

PRESS RELEASE

USI Insurance Services (“USI”) today announced the closing of the acquisition of certain assets of National Insurance Specialists (NIS). The acquisition is expected to contribute approximately $1.6 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.

The acquired entity will be integrated into USI Affinity, a division of USI Insurance Services. USI Affinity is one of the nation’s leading providers of insurance, financial and risk management services to professional associations, individuals and small business owners. This transaction makes USI Affinity the number one equipment rental industry insurance broker in the country.

“We have the staff that really understands the rental equipment business and the risks they face,” said Doug W. Kreitzberg, CEO of USI Affinity. “USI and NIS have deep experience over many years handling these types of accounts. This move greatly strengthens USI Rental Specialties’ fully-integrated approach that combines sales, underwriting, customer service, claims and risk control.

“Our operation provides high quality insurance and related services to the rental industry in the United States,” said Brian K. Hall, former president of NIS and the new president of USI Rental Services. “Our field agents and customer service staff are talented and experienced professionals whose sole aim is to provide high quality service and insurance protection for the client.”

About USI Insurance Services

Founded in 1994, USI is a leading distributor of property and casualty and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co. Additional information about USI may be found at www.usi.biz.