New York City-based commercial lines wholesaler BISYS has acquired St. Louis-based Uhlemeyer Services Inc., a managing general agency that specializes in workers’ compensation.
BISYS said the acquisition complements its March 2003 acquisition of California-based Tri-City Brokerage, which marked its strategic entrance into the commercial P&C marketplace, and the November 2003 acquisition of Florida-based USA Insurance Group.
The acquisition of Uhlemeyer Services is aimed at enhancing BISYS’ commercial P/C product offering, immediately increasing its geographic reach, and further expanding the MGA platform significantly expanded with the USA Insurance Group acquisition.
Founded in 1988, Uhlemeyer Services works with leading P/C insurance carriers to develop workers’ compensation products that are distributed by a network of more than 400 retail agents primarily located in the Midwest.
Consistent with all of BISYS’ insurance products, the insurance carriers manufacture the workers’ compensation products and assume the underwriting risk and full responsibility for the policy benefits. During calendar year 2003, Uhlemeyer Services generated more than $50 million in policy premiums and historically generates high renewal rates.
Uhlemeyer Services will operate as part of BISYS Commercial Insurance Services, and maintain its office in St. Louis, Mo.
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