New York-based USI Holdings has closed on its acquisition of Mastors & Servant Risk Services, a Rhode Island-based brokerage that specializes in commercial property/casualty, bonds and employee benefits insurance for middle-market businesses.
Terms of the transaction were not disclosed. Mastors is expected to contribute approximately $5.6 million in revenue to USI on an annual basis.
Michael J. Sicard, USI’s chairman, president and CEO, said the deal makes USI one of the largest middle-market insurance brokerage firms in Rhode Island.
Source: USI Holdings
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