U.S.I. Holdings Corporation (“USI”) announced that it has completed due diligence and entered into a definitive agreement to acquire Los Angeles, Calif.-headquartered Dodge, Warren & Peters Insurance Services, Inc. (“DWP”). DWP is expected to contribute approximately $25 million of revenues to USI on an annual basis. The closing of the DWP acquisition, which is subject to narrow closing conditions, is expected to occur by the beginning of May 2004. Terms of the transaction were not disclosed.
Since 1977, DWP has been offering a full spectrum of insurance products and services designed to meet the individual needs of its business client base providing retail property & casualty and employee benefits brokerage through its four offices in Southern California. The combination of DWP with USI’s existing Southern California operation will create one of the largest middle market brokers in the region.
Kevin P. Mencarelli, President & CEO, USI West Coast, added, “By increasing our strength in our existing geographic footprint with this acquisition, we expect to better serve our clients nationally and create the largest middle market offering in Southern California.”
Gregory D. Davidian, Chairman, President, Chief Executive Officer of DWP, said, “By joining USI, our ability to form enhanced strategic relationships will be dramatically increased. We are pleased to have this opportunity to offer our clients high quality products and services through a national corporation with the local attention to which they are accustomed.”
Topics Mergers & Acquisitions USA California
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