USI Insurance Services (USI), headquartered in Briarcliff Manor, N.Y., has acquired the Euclid Insurance retail property/casualty and employee benefits division (Euclid Retail Business) from Euclid Insurance Services Inc.
The Euclid Retail Business, based in Itasca, Ill., is expected to contribute approximately $7.3 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.
Euclid Retail specializes in commercial property/casualty and employee benefits insurance for middle-market companies and personal lines insurance for individuals throughout the Midwest. The firm focuses on providing high value risk mitigation solutions to its clients through a variety of means including extensive policy form reviews, insurance plan design, loss control services, and in depth claim data analysis.
Euclid Insurance Services Inc. is retaining and currently expanding its health and life general agency business and its commercial managing general agency program businesses. Also unaffected by the sale is its Euclid Insurance Agencies LLC, business located in Melbourne, Fla.
Formed in 1952, Euclid has grown to become one of the largest brokers in Illinois. Euclid operates as a health and life general agency and a commercial managing general agency through its Euclid Managers, Euclid Executive Liability Managers and Euclid Specialty Managers subsidiaries. Euclid has offices in Kansas City, Mo., Fairfax, Va., New York, N.Y., and Melbourne, Fla.
Topics Mergers & Acquisitions Illinois
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