USI Insurance Buys Lynch, Beretta

USI Insurance Partners, which is backed by Goldman Sachs Capital Partners, has completed its buy of Lynch, Beretta and Bucci Insurance. Financial terms weren’t announced. Lynch, Beretta, of Pawtucket, R.I., is a property and casualty insurance agency.

PRESS RELEASE

USI Insurance Services (“USI”), announced today the closing of the acquisition of Lynch, Beretta and Bucci Insurance, a Pawtucket, Rhode Island-based property and casualty insurance agency, that specializes in a wide range of personal lines, commercial lines and specialty products, including Rhode Island contractors and restaurant insurance. Terms of the transaction were not disclosed.

Commenting on the acquisition, J. Thomas Stiles, USI’s regional CEO for New England, said, “Under Gary’s leadership, the firm of Lynch, Beretta and Bucci Insurance has been providing outstanding service geared to delivering results without delay. And, for the past 30 years, clients have enjoyed customized insurance programs that are tailored to their needs, budget and exposure. Without question, this acquisition further strengthens USI’s position as one of the leading insurance brokerage firms in Rhode Island, and I am pleased that the Lynch, Beretta and Bucci Insurance agency is a part of the USI team.”

Gary H. Bucci, president of Lynch, Beretta and Bucci Insurance, said, “The combination of our two strong property and casualty practices will enable our agency to offer additional products and services while maintaining the level of specialized customer attention we have become known for throughout Rhode Island. By joining the USI team, we will continue our mission of helping our existing clients manage the risks of everyday life and enabling them to recover as quickly as possible from life’s unforeseen events. Additionally, through this acquisition, we look forward to forging new customer relationships that are based on both USI and our firm’s mutual principles of offering value-added service and the most attractive cost and coverage combination for P&C insurance solutions.”

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 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.