U.S.I. Names Philip E. Larson VP-Operations

January 28, 2004

New York-based U.S.I. Holdings Corporation, a leading distributor of insurance and financial products and services, announced that Philip E. Larson III has been appointed to the position of Vice President of Operations.

He will be based in USI’s corporate office in Briarcliff Manor, NY and will report to Thomas E. O’Neil, Senior VP and COO. Following the appointment Larson resigned as a member of the USI Board of Directors.

He is a former partner of Capital Z Financial Services Partners who had been working there since its formation in 1998. Capital Z Partners is a $1.85 billion private equity fund that has been a leading shareholder of USI since 1999. As a partner, Larson was primarily focused on investing in distribution and processing companies within the financial services sector. He had been involved in private equity investing since 1992 working previously with both Zurich Centre Investments and Morgan Stanley Capital Partners.

Commenting on the appointment, David L. Eslick, Chairman, President and CEO, stated, “Philip has worked with USI through his position at Capital Z since before our IPO in October 2002. His professional background in financial services and his educational background in operations research create a strong combination for this challenging new role. Through his proven history with the company as an investor and as a board member it is clear that he understands the company and is committed to executing on our strategy. The management team and I are pleased to that he has agreed to take on this new role at USI.”

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