Investor Relations

Press Releases

May 7, 2008
USI Holdings Corporation Acquires KD Benefits Insurance Brokerage

BRIARCLIFF MANOR, N.Y., May 7, 2008 - USI Holdings Corporation ("USI"), today announced the closing of the acquisition of KD Benefits Insurance Brokerage ("KD Benefits"), an employee benefit insurance brokerage firm. KD Benefits, based in Norton, MA, is expected to contribute approximately $1.1 million in revenues to USI on an annual basis.

Commenting of the acquisition, Mark J. Smith, USI's New England Regional CEO, said, "KD Benefits is a great complement to our existing presence in the New England area. We expect the combination to benefit the clients of both organizations through expanded product offerings. I am pleased to welcome Jack Nicolas and his team of benefit professionals."

About USI Holdings Corporation: 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 66 offices in 18 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.

 

April 2, 2008
USI Holdings Corporation Acquires Special Risk Consultants

BRIARCLIFF MANOR, N.Y., April 2, 2008 - USI Holdings Corporation ("USI"), today announced the closing of the acquisition of Special Risk Consultants ("SRC"), a provider of student health and sports accident insurance programs to approximately 55 colleges and universities. SRC, based in Collegeville, Pennsylvania, is expected to contribute approximately $2.2 million in revenues to USI on an annual basis.

Commenting of the acquisition, Michael J. Sicard, Chairman, President & CEO of USI, said, "SRC is a great complement to our existing college and alumni business which provides services to more than 400 colleges, universities and seminaries across the country. I am pleased to welcome SRC to the team."

About USI Holdings Corporation: 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 66 offices in 18 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.

 

March 5, 2008
USI Holdings Corporation Acquires Corporate Planning Systems

BRIARCLIFF MANOR, N.Y., March 5, 2008 - USI Holdings Corporation ("USI"), today announced the closing of the acquisition of Corporate Planning Systems ("CPS"), an employee benefit insurance brokerage firm. CPS, based in Bellevue, Washington, is expected to contribute approximately $4.5 million in revenues to USI on an annual basis.

Commenting on the acquisition, Michael J. Sicard, Chairman, President & CEO of USI, said, "CPS is a great complement to our existing strong presence in the Pacific Northwest. This acquisition strengthens our position as one of the largest insurance brokerage firms in the area and further enables us to meet the needs of our current and future clients. I am pleased to welcome CPS to the team."

About USI Holdings Corporation: 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 66 offices in 18 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.

 

February 4, 2008
USI Holdings Corporation Acquires Webster Insurance, Inc.,
and Enters into a Marketing Agreement with Webster Bank

BRIARCLIFF MANOR, N.Y., February 1, 2008 - USI Holdings Corporation ("USI"), today announced the closing of the acquisition of Webster Insurance, Inc., from Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A., and the execution of a Marketing Agreement with Webster Bank. Webster Insurance, based in Meriden, Connecticut, is expected to contribute approximately $26 million in revenues to USI on an annual basis. Webster Financial Corporation will retain Webster Risk Services, a third-party workers' compensation administrator. The Marketing Agreement is a joint marketing arrangement between USI and Webster Bank to provide expanded products and services to their respective clients.

Webster Insurance is one of the largest middle-market insurance brokerage firms in New England with offices in Connecticut, Massachusetts and Rhode Island. Webster Insurance specializes in commercial property & casualty and employee benefits insurance for middle-market companies and personal lines insurance for individuals throughout the New England region.

Michael J. Sicard, USI's chairman, president and CEO, said: "Webster Insurance is a great complement to our existing presence in the New England region. In addition, we look forward to working with Webster Bank on the successful execution of the joint marketing agreement."

James C. Smith, Webster chairman and CEO, said: "USI is an excellent fit for Webster Insurance's clients and employees. We share USI's commitment to make our joint marketing agreement mutually productive."

Mark J. Smith, USI's New England Regional CEO, said: "We expect the synergies created by the combination of USI and Webster Insurance to benefit the clients of both companies through expanded and enhanced product offerings. I am pleased to officially welcome the Webster team and look forward to working together to exceed our clients' expectations."

John J. Queirolo, Webster Insurance's president and CEO, said: "By joining the USI team, Webster Insurance continues its tradition of customer service excellence. USI shares our commitment to providing professional service that exceeds client expectations. We look forward to working with USI to bring our customers enhanced product and service capabilities."

 

December 11, 2007
USI Holdings Corporation Acquires BenefitPort
BRIARCLIFF MANOR, N.Y., December 11, 2007 - USI Holdings Corporation today announced the acquisition of Englewood, NJ-based, BenefitPort, an employee benefit general agent. The acquisition is expected to contribute approximately $6 million in revenue to USI on an annual basis. Terms of the transaction were not disclosed.

Commenting on the acquisition, Michael J. Sicard, Chairman, President & CEO, USI Holdings Corporation, said, "BenefitPort is a great complement to our existing presence in New Jersey. This acquisition strengthens our position as one of the largest general agencies in New Jersey and further enables us to meet the needs of our current and potential broker partners and our carrier partners. I am pleased to welcome BenefitPort to the USI team."

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 66 offices in 18 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.

 

November 20, 2007
USI Holdings Corporation Closes Acquisition of Treadwell & Harry Insurance, LLC
BRIARCLIFF MANOR, N.Y. - November 20, 2007 - USI Holdings Corporation today announced the acquisition of Memphis, TN-based Treadwell & Harry Insurance, LLC ("Treadwell& Harry"). Treadwell & Harry has been providing property & casualty products and services to clients in the Memphis area since 1910. Treadwell& Harry will be combined with USI's existing Memphis, TN.

Commenting on the acquisition, Kenneth D. Paylor, President & CEO, USI Memphis, said, "The acquisition of a company with the history and reputation of Treadwell & Harry is a testament to USI's commitment to our local clients. Our existing Memphis presence and our ability to serve our clients is increased and enhanced through added P&C expertise. I look forward to working with entire Treadwell & Harry team and their clients."

Timmons L. Treadwell, IV, Managing Member, Treadwell & Harry Insurance, LLC, added, "For five generations, Treadwell & Harry has been a trusted source of insurance solutions for Mid-South clients. By joining the USI family, we position ourselves to continue providing the high quality coverage that our clients deserve and expect. We are pleased to have this opportunity and look forward to working closely with Ken Paylor and bringing our team together with the USI Memphis team."

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 66 offices in 18 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.

 

November 13, 2007
USI Holdings Corporation Transitions Leadership With Appointment of New CEO
BRIARCLIFF MANOR, N.Y. - November 13, 2007 - USI Holdings Corporation today announced that Chairman, President and Chief Executive Officer David L. Eslick has been succeeded by Michael J. Sicard, who was previously on the Board of Directors of USI and has now been appointed Chairman, President and Chief Executive Officer.

In announcing the transition, Henry Cornell, Managing Director of GS Capital Partners, a private equity affiliate of Goldman, Sachs & Co., which acquired USI in May, 2007, stated: "We are looking forward to further growing USI's business under Mike's new leadership and thank Dave for all the work he has done towards building USI into a market leader. During USI's first year as a private company, it is on track to realize strong performance and further strengthen its position in the market."

Mr. Sicard joined the board of USI when it went private in 2007. Prior to that, he helped lead the turnaround at Willis Group Holdings, the third largest insurance broker, when it went private with KKR in 1998, and public again in 2001. Mr. Sicard was the Chief Operating Officer of North America and a member of Willis' Group Executive Council. Prior to Willis, Mr. Sicard also worked in insurance and financial services while at McKinsey & Company. He received his BA from Duke University and JD from Harvard Law School.

USI is the 9th largest insurance brokerage firm in the United States, according to Business Insurance. USI is a nationally growing and diversified insurance and financial services firm focused on providing fully integrated distribution of general and specialty property and casualty insurance and financial services such as employee benefits outsourcing and related consulting.

 

For questions and inquiries regarding this transaction please contact EBowler@usi.biz.