MVB Financial announced the sale of substantially all of the assets of its wholly-owned subsidiary, MVB Insurance, LLC (MVB Insurance), to USI Insurance Services LLC (USI). MVB Insurance will retain the assets related to, and continue to operate, its title insurance business.
The sale was effective at 11:59 p.m. on June 30, 2016, the date of the definitive agreement between MVB, MVB Insurance and USI.
MVB Insurance CEO L. Randall "Randy" Cober, CIC, President Kenneth Juskowich, and all employees have been extended offers to remain with USI as part of the acquisition. The two entities are working together to ensure a smooth transition and the continuation of quality service for all current and future clients.
"I am so grateful to Randy and his exceptional team for their contributions to MVB over the past three years," said Larry F. Mazza, MVB President and CEO.
"Recognizing the high level of competition and the rapid pace of consolidation within the insurance industry presented challenges to further develop our insurance services offering. We are confident the sale to USI, an organization dedicated solely to the insurance business, presents continuity of a high level of service and a strategic partner for our clients, while enhancing value for our MVB Shareholders."
Additional information on the sale will be available on MVB’s current report on Form 8-K that will be filed with the Securities and Exchange Commission (SEC).
USI is a leading local and national insurance brokerage and consulting firm, delivering property and casualty, employee benefits, personal risk and retirement solutions throughout the United States.
Headquartered in Valhalla, New York, USI has over $1.0 billion in revenue, employs more than 4,400 professionals and operates out of 140 local offices serving every state.
USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact.