U.S.I. Holdings Closes Acquisition of Hastings-Tapley

June 3, 2003

San Francisco-based U.S.I. Holdings Corporation announced that it has consummated the previously announced acquisition of all the issued and outstanding capital stock of Woburn, Mass.-based Hastings-Tapley Insurance Agency Inc.

Hastings-Tapley provides property and casualty insurance, risk management, and employee benefits principally to middle market clients. Hastings-Tapley has offices in Massachusetts and Connecticut and is expected to contribute approximately $12 million of revenues to USI. The primary consideration for the estimated $15.1 million purchase price was USI common stock, with the remaining consideration consisting of cash and notes. This transaction meets with USI’s commitment for acquisitions that are anticipated to be accretive to earnings within the first 12 months of the date of acquisition.

The acquisition of Hastings-Tapley is a product of USI’s strategy for continued growth throughout New England and will provide significant additional capabilities and resources to USI’s current New England offices located in Massachusetts, New Hampshire, and Rhode Island. Additionally, Hasting-Tapley will have access to the fully integrated products and services provided by USI.

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