USI Holdings Corp., a Briarcliff Manor, N.Y.-based distributor of insurance and financial services to businesses, has acquired National City Insurance Group‘s retail employee benefit insurance brokerage offices in Ohio, Kentucky and Missouri from PNC Financial Services Group. No financial terms were disclosed. USI is owned by Goldman Sachs Capital Partners.
USI Holdings Corporation (“USI”), announced today the closing of the previously announced acquisition of the retail employee benefit insurance brokerage offices in the states of Ohio, Kentucky, and Missouri of National City Insurance Group, Inc. (“National City Insurance”) from The PNC Financial Services Group, Inc. National City Insurance is expected to contribute approximately $13.0 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.
About USI Holdings Corporation
Founded in 1994, USI is a leading distributor of insurance and financial products and services to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 76 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.