USI Insurance Services announced the closing of the acquisition of Richard J. Princinsky & Associates Inc., located in Hunt Valley, Maryland. Terms of the transaction were not disclosed.
Established in 1976, Richard J. Princinsky & Associates has partnered with businesses, both corporate and non-profit, to provide services for employee benefits programs focusing on strategic planning, regulatory compliance, HR support, corporate wellness services, custom benefits communications and retirement plan services.
USI said the acquisition expands its employee benefit practice into the state of Maryland, and further enhances its employee benefits business in the Mid-Atlantic region and nationally.
Founded in 1994, USI is the 10th-largest insurance broker in the United States and the 14th largest in the world. USI is headquartered in Briarcliff Manor, N.Y., and operates out of approximately 100 offices across the United States. USI was acquired by Toronto-based private equity investment firm Onex Corporation last year.