Investor Relations

Press Releases

October 14, 2008
USI Announces Appointment of New CFO

BRIARCLIFF MANOR, N.Y., October 14, 2008 - USI today announced the appointment of Michael Dinkins as its new Executive Vice President and Chief Financial Officer, effective immediately.

Commenting on the appointment, Michael J. Sicard, Chairman, President & CEO of USI, said, "We are very excited that a senior executive with over 15 years of experience in a CFO or CEO capacity of publically traded companies will be joining our senior management team. Mike's recent experience in the insurance brokerage business will be a great asset to us as we execute our business plan to become the preeminent middle market broker in the United States."

Since October 2005, Mr. Dinkins was the Chief Financial Officer of Hilb, Rogal & Hobbs Company ("HRH"), a leading middle market insurance brokerage firm. Mr. Dinkins joined HRH from Guidant Corporation where he served as Vice President of Global Control and Reengineering. Prior to Guidant Corporation, Mr. Dinkins served as Chief Financial Officer of Worldwide Customer Services Operation for NCR Corporation. Mr. Dinkins began his career at General Electric Company where he worked for 17 years in various financial positions. Mr. Dinkins obtained status as both a Certified Public Accountant and a Certified Management Accountant.

Edward J. Bowler has served as interim CFO of USI and will resume his duties as Senior Vice President of Corporate Development following a transition of responsibilities with Mr. Dinkins.

About USI. 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.

 

October 10, 2008
USI Announces Appointment of New Executive

BRIARCLIFF MANOR, N.Y., October 10, 2008 - USI today announced the appointment of Michael A. Turpin as an Executive Vice President, effective immediately.

Commenting on the appointment, Michael J. Sicard, Chairman, President & CEO of USI, said, "USI is fortunate to have an extraordinary individual such as Mike Turpin as part of the USI executive team. His notable experience and reputation are outstanding, and we are thrilled to have him on board as we take our national benefits strategy to the next level."

About USI. 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.

 

August 6, 2008
USI Holdings Corporation Acquires CCS

BRIARCLIFF MANOR, N.Y., August 6, 2008 - USI Holdings Corporation ("USI"), today announced the closing of the acquisition of CCS, LLC, an employee benefits insurance brokerage firm specializing in the automobile dealership industry. CCS, based in Fort Lauderdale, Florida, is expected to contribute approximately $2.0 million in revenues to USI on an annual basis.

Commenting on the acquisition, Michael J. Sicard, Chairman, President & CEO of USI, said, "CCS is a great addition to our rapidly expanding employee benefits practice in South Florida. This acquisition strengthens our position as one of the leading insurance brokerage firms in Florida. I am pleased to welcome Doug Beller and the rest of the exceptional professionals from CCS to our 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.

 

August 4, 2008
USI Holdings Corporation Acquires Group Brokerage Associates

BRIARCLIFF MANOR, N.Y., August 4, 2008 - USI Holdings Corporation ("USI"), today announced the acquisition of Group Brokerage Associates ("GBA"), an employee benefit general agent. The acquisition is expected to contribute approximately $1.6 million in revenue to USI on an annual basis.

Commenting on the acquisition, Michael J. Sicard, Chairman, President & CEO of USI, said, "GBA is a great complement to our existing presence in the Tri-State area of Pennsylvania, New Jersey, and New York. This acquisition strengthens our position as one of the largest general agencies in the Tri-State area and further enables us to meet the needs of our current and potential broker partners and our carrier partners."

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.

 

June 24, 2008
USI Holdings Corporation Acquires Benefits Partners

BRIARCLIFF MANOR, N.Y., June 24, 2008 - USI Holdings Corporation ("USI"), today announced the closing of the acquisition of Benefit Partners, an employee benefit insurance brokerage firm. Benefit Partners, based in Newport Beach, California, is expected to contribute approximately $2.7 million in revenues to USI on an annual basis.

Commenting on the acquisition, Michael J. Sicard, Chairman, President & CEO of USI, said, "Benefit Partners is a great addition to our rapidly expanding employee benefit practice in Southern California. This acquisition strengthens our position as one of the leading insurance brokerage firms in California. I am pleased to welcome John Melbon, Steve Lathrop and the rest of the exceptional professionals of Benefit Partners to our 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.

 

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 on 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 on 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.

 

June  5, 2007
USI Holdings Corporation Announces Appointment of New CFO
BRIARCLIFF MANOR, N.Y. - June 5, 2007 - USI Holdings Corporation (the "Company") today announced the appointment of Vincent E. Nerlino as its new Executive Vice President and Chief Financial Officer, effective June 11, 2007. He has also been elected to serve on the Company's Board of Directors. Mr. Nerlino will be based in the Company's corporate office in Briarcliff Manor and will report to David L. Eslick, Chairman, President and Chief Executive Officer. Commenting on the appointment, Mr. Eslick stated, “We are extremely pleased that a seasoned financial executive with the wealth and breadth of Vince's experience will be joining our team as we execute our plan going forward. His experience managing financial activities at American Express will be an asset to USI especially in the areas of financial reporting, tax, financial modeling and capital structure initiatives.

Since 1986, Mr. Nerlino has held various positions at American Express Company. Most recently, he served as Senior Vice President/Chief Financial Officer, American Express International & Global Corporate Services. In this role, he led a global finance organization and oversaw the development of business and financial strategies, plans, forecasts and resource allocation recommendations for the International business. Prior to that position, Mr. Nerlino served as Senior Vice President, Corporate Planning & Analysis and was a key advisor to senior executives on company-wide financial matters including business planning, long range strategic issues, capital and resource optimization, merger and divestiture analyses and ongoing analysis of company financial results. He also served as Vice President/Lead Financial Officer of the Interactive Services Group and Vice President/Lead Financial Officer of the Business Travel North America Division along with several other financial positions at American Express. He began his professional career at Wang Laboratories in 1982.Mr. Nerlino received a BA from St. Lawrence University and an MBA from NYU-Stern School of Business.

Robert S. Schneider, the Company's former Executive Vice President and Chief Financial Officer, has resigned, effective May 23, 2007 to pursue other opportunities. Commenting on Mr. Schneider's departure, Mr. Eslick stated, We are deeply indebted to Bob for his hard work and passionate commitment to USI from the day he joined the Company in 2002. He will be truly missed by all our associates and we all wish him the best in his future endeavors.

May 31, 2007
USI Holdings Corporation Closes Acquisition of Employee Benefits Brokerage in California
BRIARCLIFF MANOR, NY, May 31, 2007 - USI Holdings Corporation today announced the acquisition of a Woodland Hills, CA-based retail employee benefits brokerage business with approximately $3.5 million of annual revenues. This business was founded by Rudi U. Weinberg and has operated under the Pavlo, Weinberg & Associates name for several years. The terms of the transaction were not disclosed.

This business provides employee benefits products and related services to middle market businesses in California and has been combined with USI’s existing Woodland Hills office.

Jeffrey L. Jones, Regional CEO, USI California, said, “This acquisition is consistent with our commitment to strengthening our employee benefit brokerage business in California and solidifying our position as a leader in the California market. We are pleased to welcome Rudi and his team to USI. Rudi U. Weinberg commented, As part of USI, our clients now have access to a full range of insurance solutions specialized for our clients. The combination of the talented, knowledgeable professionals of USI and our teams will create an unmatched offering to the fast-changing needs of our current and potential clients. We are pleased to join the USI team.

May 4, 2007
USI Holdings Corporation announced the completion of the acquisition of the Company by GS Capital Partners, a private equity affiliate of Goldman, Sachs & Co. Under the terms of the agreement, USI shareholders are entitled to receive $17.00 in cash for each share of USI common stock held. USI common stock has ceased trading on the Nasdaq Exchange at market close on May 4, 2007, and will no longer be listed.

For questions and inquiries regarding this transaction please contact Edward J. Bowler.