USI Holdings Corp. of Briarcliff Manor, N.Y. has acquired the Pettineo Insurance Agency Inc. of Fort Lauderdale, Fla. The acquisition of this personal and commercial lines broker is expected to contribute approximately $1.3 million in revenue to USI on an annual basis. Terms of the transaction were not disclosed.
“The completion of this transaction exemplifies our strategy to acquire companies that enhance our local operations,” explained Jeffrey J. Haynes, USI Southeast regional CEO “The addition of Frank Pettineo’s team to our existing presence in the southern Florida market will provide increased opportunities for organic growth and cross-selling. I am pleased to welcome Pettineo and his clients to the USI family.”
“Since 1982, we have been serving our local clients by delivering the highest quality personal and commercial lines solutions,” Frank Pettineo, president of Pettineo Insurance said. “By joining USI, we can now offer a wide variety of products and services to these clients. I am pleased to have the opportunity to make national offerings available to my clients without compromising the personal attention that they have always received.”
Source: USI Holdings Corp.
Topics Mergers & Acquisitions
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