USI Insurance Buys Suncoast Insurance

USI Insurance Services, which is backed by GS Capital Partners, has closed its buy of Suncoast Insurance Associates. Financial terms weren’t announced. Tampa, Fla.-based USI provides insurance for design firms in that state. The acquisition is expected to add about $3 million in revenue to USI on an annual basis, a statement says.

PRESS RELEASE

USI Insurance Services (“USI”), announced today the closing of the acquisition of Suncoast Insurance Associates, Inc. (“SIA”), a Tampa, Florida-based insurance brokerage operation that provides the design, delivery and servicing of professional liability programs for more than 1,500 professional firms throughout Florida. This acquisition is expected to contribute approximately $3.0 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.

“For almost four decades, Suncoast Insurance Associates has been the “go-to”
James W. Dunn, USI’s regional CEO for Southeast, remarked, “For almost four decades, Suncoast Insurance Associates has been the “go-to” insurance agency for the design firm marketplace in Florida. In addition to architects and engineers, Suncoast has growing practices providing professional liability for healthcare, technology, accounting and law firms. SIA’s deep strong relationships are a perfect match for USI’s strategy of providing custom insurance solutions for growing industry verticals. With this acquisition, USI has bolstered its growing national footprint in professional liability, with significant practices in the Northwest, Southwest, Midwest and now Southeast. I welcome SIA to the USI family and look forward to working with Dan and his staff.”

Daniel L. Titus, CEO of Suncoast Insurance Associates, said, “SIA prides itself on having extensive design firm knowledge, experience, competitive pricing, contract review and counseling capabilities. We remain committed to these principles and will continue to be a trusted advisor to our clients. By joining with USI, we now have the opportunity to draw upon their resource-intensive, consultative processes that connect local, regional, and national technical assets to each client in the delivery of the most attractive program possible. In addition, USI’s industry-specific best practices afford us the latest methodologies to further grow our clients’ practices while ensuring their assets remain protected.”

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.