USI Holdings Corporation has acquired Melville, N.Y.-based Leader Associates. The acquisition is expected to contribute approximately $9 million in revenue to USI on an annual basis. Terms of the transaction were not disclosed.
Meanwhile, Leader Associates has also agreed to merge with Emerson Reid, a Manhattan-based group benefits wholesaler. The combined entity will continue operations in metropolitan New York and New Jersey, as well the Emerson Reid operations in southern New Jersey, suburban Philadelphia and Harrisburg. The terms of the merger were not disclosed, however the combined entity is expected to generate over $29 million in annual revenue.
Emerson Reid will continue to operate under the Emerson Reid brand, while Leader Associates will begin to operate as Leader Associates/Emerson Reid. Both businesses will maintain their current offices and employees while they combine resources, according to Chris Goff, marketing director.
Founded over 30 years ago, Emerson, Reid & Co. Inc. is a wholesale only distributor of group employee benefit products through third party agents and brokers. Emerson Reid manages over $1 billion in insured premium, 100,000 covered medical lives, and 6,500 group disability policies. Emerson Reid has offices and general agency contracts in southern Connecticut, downstate New York, New Jersey, Pennsylvania, and Delaware.
Leader Associates, headed by David Leader, works with independent insurance brokers in the metropolitan New York area.
USI is headquartered in Briarcliff Manor, N.Y., and operates out of 68 offices in 18 states. Additional information about USI may be found at www.usi.biz.
Source: USI Holdings
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