BISYS, a provider of business process outsourcing solutions for the financial services sector, announced its acquisition of Florida-based USA Insurance Group, a managing general agency (MGA) serving the commercial property and casualty (P/C) marketplace.
The acquisition complements BISYS’ March 2003 acquisition of California-based Tri-City Brokerage, which marked BISYS’ strategic entrance into the commercial P/C marketplace and positioned it as the nation’s third largest independent wholesale broker of commercial P/C insurance.
Founded in 1978, USA Insurance Group works with carriers and reinsurance companies to develop and market specialty insurance products that are distributed by a national network of more than 1,100 retail agents.
These specialty products primarily support the transportation industry, with insurance products for commercial trucking, charter buses, limousines, and contract school buses. During calendar year 2002, the specialty products created by USA Insurance Group generated more than $326 million in policy premiums.
USA Insurance Group will operate as part of BISYS Property/Casualty
Insurance Services, and maintain its offices in Melbourne, Fla.
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