USI Holdings Finalizes Purchase of Calif. P/C Operation

August 22, 2005

USI Holdings Corporation announced the closing of the acquisition of Burlingame, Calif.-based retail property & casualty firm operating as Winthrop Insurance Plans. This operation has been providing employee property & casualty solutions to middle market businesses in the San Francisco area since 1984. The acquisition is expected to contribute approximately $800,000 of revenues to USI on an annual basis.

David Eslick, chairman, president and CEO of USI, said, “Ray (Andreini) has been providing middle market clients in the San Francisco-area with property & casualty solutions for 20 years. The addition of new production talent along with enhanced property & casualty expertise complement our existing San Francisco operation and position us well to cross-sell existing clients and attract new business. With the successful completion of each acquisition, USI reinforces our commitment to cross-selling, diversifying revenues and providing a single source for the highest quality products and service to all our clients. I am pleased to welcome Ray Andreini and his team to USI.”

Founded in 1994, USI is a distributor of insurance and financial products and services to businesses throughout the United States.

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