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USI Insurance Buys The Pinnacle Group

USI Insurance Services, which is backed by Goldman Sachs Capital Partners, has bought most of the assets of The Pinnacle Group. Financial terms weren’t announced. Virginia Beach, Va.-based Pijnacle is an employee benefits consulting firm specializing in middle-market business. The company is expected to contribute about $3.3 million in annual revenues to USI.

PRESS RELEASE

USI Insurance Services (“USI”), today announced that it has acquired most of the assets of The Pinnacle Group (“Pinnacle”). Based in Virginia Beach, Virginia, Pinnacle is a full-service employee benefits consulting firm specializing in middle-market business and is expected to contribute approximately $3.3 million in annual revenues to USI. Terms of the transaction were not disclosed.

“Under Anthony Jernigan’s leadership, Pinnacle has built a solid reputation for superior client service in the Hampton Roads area. The Pinnacle acquisition strengthens our existing MidAtlantic organization and USI’s rapidly expanding employee benefit practice in the state of Virginia,” said USI’s MidAtlantic Regional CEO, Steven C. Deal. “This acquisition reinforces USI’s current position as one of the leading insurance brokerage firms in the state and our focus on providing exceptional consulting services to clients. I am pleased to welcome Anthony Jernigan and the rest of Pinnacle’s professionals to the USI team.”

Anthony B. Jernigan, President, CEO and Founder of Pinnacle, agreed, stating, “The combination of our two strong employee benefit practices will enable us to offer our clients expanded products and services. USI’s strategic, client-focused practice is an exceptional fit for Pinnacles’ clients and employees. In joining the USI team, Pinnacle will continue its tradition of excellent client service.”

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 74 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.