USI Insurance Services Acquires Pennsylvania’s David M. Banet & Associates

USI Insurance Services (USI) has acquired David M. Banet & Associates Inc. (Banet), an Exton, Penn.-based leader in benefits consulting and administration, human capital management and insurance brokerage and consulting services.

Banet will combine with Emerson Reid, USI’s employee benefits wholesale brokerage division. This acquisition further strengthens Emerson Reid’s position as the largest wholesale employee benefits general agent in the northeast region. Employees will continue to work out of Banet’s Exton, Penn., and Wilmington, Del., office locations. Terms of the transaction were not disclosed.

Formed in 1995, Banet offers advanced technology and innovative services to support brokers in delivering consultative, employee benefits solutions to their clients. The firm is the developer and exclusive provider of the Beny System, a comprehensive, human resources and benefits consulting program that enhances benefit administration.

Arthur W. Hall, USI senior vice president and employee benefits practice leader, said in a company press release that the company’s primary goal is to grow and protect clients’ businesses by becoming an extension of their employee benefits programs through tools, knowledge and support. With this acquisition, it aims to be able to combine Banet’s advanced technology, innovative benefits and brokerage services with Emerson Reid’s suite of client services, specialty products, carrier expertise and vendor partnerships, he added.

USI is a local and national insurance brokerage and consulting firm, delivering property and casualty, employee benefits, personal risk and retirement solutions throughout the United States and headquartered in Valhalla, N.Y.

Source: USI Insurance Services

Topics Mergers & Acquisitions Agencies Pennsylvania