USI Insurance Services announced it has entered into an agreement with certain subsidiaries of Willis North America Inc., part of Willis Group Holdings, to acquire seven of Willis’ retail insurance brokerage locations across the United States. Terms of the transaction were not disclosed.
USI said these locations will expand USI’s footprint into new states, cities and markets where the firm is looking to invest and grow. The transaction is currently anticipated to close late third/early fourth quarter of 2014.
“These are new states and cities for USI – places we want to invest and grow in support of these great people, clients and communities,” Michael J. Sicard, USI’s chairman, president and chief executive officer, said in a statement.
Under the agreement, USI will be acquiring the following locations: Wilmington, Del.; Vero Beach, Fla.; Savannah, Ga.; Moline, Ill.; Wichita, Kan.; and Cheyenne and Mills, Wyo. USI said that employees of these Willis offices will be offered employment with USI at the close of the transaction.
In May of this year, USI acquired 40 smaller retail agencies from Wells Fargo Insurance as Wells Fargo narrowed its focus and strategy.
USI is headquartered in Valhalla, N.Y. and operates out of more than 140 offices across the United States.
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