USI Insurance, which is backed by Goldman Sachs Capital Partners, has bought substantially all of the assets of First Place Insurance Agency. Financial terms weren’t disclosed. Youngstown, Ohio-based First Place, a middle market insurance firm, is expected to contribute about $3.6 million in revenues to USI on an annual basis.
USI Insurance Services (“USI”) today announced the closing of the acquisition of substantially all of the assets of First Place Insurance Agency, Ltd., (“First Place Insurance”) from First Place Financial Corp. (NASDAQ: FPFC) and execution of a Marketing Agreement with First Place Financial Corp. First Place Insurance, based in Youngstown, Ohio, is expected to contribute approximately $3.6 million in revenues to USI on an annual basis. The Marketing Agreement is a joint marketing agreement between USI and First Place Financial Corp. to provide expanded insurance and related products and services to their respective clients. Terms of the transaction were not disclosed.
First Place Insurance is one of the largest middle-market insurance brokerage firms in the Youngstown / Warren, Ohio, market place. First Place Insurance specializes in commercial property & casualty and employee benefits insurance for middle-market businesses and personal lines insurance for individuals.
Commenting on the acquisition, Michael J. Sicard, USI’s chairman, president and CEO, said: “First Place Insurance is a great complement to our existing office in Youngstown, Ohio. By combining the two offices under Dan Landers’ leadership, we believe we will become the preeminent middle-market insurance brokerage in the Youngstown / Warren area. In addition, we look forward to working with First Place Financial Corp. on the successful execution of the joint marketing agreement.”
Steven R. Lewis, First Place Financial Corp. president and CEO, said: “USI is an exceptional fit for First Place Insurance clients and employees. This partnership will allow the Valley to have access to the expertise of one of the country’s leading insurance brokers.”
Thomas D. Cassady, USI’s Mid West Regional CEO, said: “We expect the combination of USI and First Place Insurance to benefit the clients of both companies through enhanced products and expanded service offerings. I am pleased to officially welcome the First Place Insurance professionals to the USI team.”
Daniel W. Landers, First Place Insurance president, said: “By joining the USI team, First Place Insurance will be able to continue its commitment to providing the highest level of customer service and helping our clients manage their insurance risk. We look forward to working with USI to bring our customers enhanced products and service capabilities.”
About First Place Financial Corp.
First Place Financial Corp. is a $3.1 billion financial services holding company based in Warren, Ohio, with two wholly-owned subsidiaries: First Place Bank and First Place Holdings, Inc. Through First Place Bank, the Company operates 41 retail locations, 2 business financial service centers and 24 loan production offices. Wholly-owned subsidiaries of First Place Holdings, Inc. include Title Works Agency, LLC. Additional information about First Place Financial Corp. may be found on the Company’s web site: www.firstplacebank.com.
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 80 offices in 23 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.