USI Insurance Services, an insurance brokerage and financial service firm in Briarcliff Manor, N.Y., acquired most of the assets of The Pinnacle Group.
Based in Virginia Beach, Va., Pinnacle is a full-service employee benefits consulting firm specializing in middle-market business and is expected to contribute roughly $3.3 million in annual revenues to USI. Terms of the transaction were not disclosed.
USI Insurance said the Pinnacle acquisition strengthens the firm’s existing mid-Atlantic organization and its expanding employee benefit practice in Virginia. Pinnacle CEO and founder Anthony Jernigan and the rest of Pinnacle’s staff will join the USI team.
USI Insurance has been making a number of acquisitions in recent months. Last December, it acquired R.I.-based employee benefit consulting and brokerage firm Bluff Head Enterprises. In November, it acquired Reston, Va.-based employee benefits brokerage firm Barros International. In September, it bought all assets of First Place Insurance Agency of Youngstown, Ohio. Also in September, it purchased de la Parte & Associates, a Tampa, Florida, employee benefits and insurance consulting firm.
Topics Mergers & Acquisitions New York
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