USI Completes Purchase of Future Planning Associates

July 9, 2004

U.S.I. Holdings Corporation of Briarcliff Manor, N.Y. has acquired Matawan, N.J.-based Future Planning Associates, Inc. This acquisition is expected to contribute approximately $10 million of revenues to USI on an annual basis. Terms of the transaction were not disclosed.

Founded in 1985, FPA is an employee benefit-consulting firm that designs, markets and administers voluntary insurance programs via payroll deduction.

USI said that the combination of its xisting benefits division with FPA’s voluntary benefit business will create one of the largest single producers of voluntary benefits in the insurance brokerage industry.

Gregory J. Morano, president and chief executive officer, USI Specialized Benefits Division, noted that FPA is a provider to union and association markets, which are areas currently not adequately penetrated by USI.

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