USI Insurance Services, a US-based insurance brokerage and consulting firm, has concluded its previously announced takeover of U.S. Risk Insurance Group.
As per the terms of the agreement, which was first announced in February this year, U.S. Risk will maintain its Dallas headquarters.
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Additionally, the acquired entity will continue to operate independently under the company’s various existing brands, U.S. Risk, Oxford, MGB, James Hampden International, Antarah and UNIS.
U.S. Risk CEO Randall Goss and his current team will continue to manage these businesses.
Goss said: “Having completed this transaction, U.S. Risk will continue to accelerate the path we have set for ourselves as a leading program manager and specialty brokerage firm both domestically and internationally.
“USI maintains an established track record of operating independent, successful program and specialty brokerage businesses. We remain committed to the same quality of service and the growth and profitability of our carrier partners and retail agents.”
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By GlobalDataSandler O’Neill + Partners acted served as financial advisor, while Ropes & Gray acted as legal counsel to U.S. Risk in this transaction. Simpson Thacher & Bartlett acted as legal counsel to USI.
In February, USI Insurance acquired New York-based GFI Insurance Brokerage, which offers commercial property and casualty, employee benefit and personal risk solutions to clients.
Founded in 1994, USI provides insurance brokerage and consulting in property-casualty, employee benefits through over 6,000 professionals in more than 150 offices across the US.
