USI Insurance Services (USI) has purchased certain assets of BBVA Compass Insurance Agency (Compass Insurance), a subsidairy of BBVA Compass to epxand its customized solutions into middle-market insurance.
USI has also signed a joint referral agreement with Compass Insurance and BBVA Compass, under which BBVA Compass clients will be provided with access to expanded insurance and related products and services while USI will get access to a larger client base.
BBVA Compass commercial banking executive Rafael Bustillo said that USI’s experience and tools, as well as its national footprint, will enable their mutual commercial clients to continue to enjoy quality service while also offering them a wider array of customized solutions.
"The Joint Referral Agreement – combined with our new retail distribution model – aligns with our goal of becoming the best universal bank in the US," Bustillo said.
Upon completion of the acquisition, BBVA Compass will retain the Compass Insurance entity and name to support its developing retail insurance strategy exclusively focused on employee benefit insurance for small businesses under 20 lives and personal lines of insurance for individuals.
USI chairman, president and CEO Michael Sicard said the business and team are a great complement to its existing offices in Texas and the entire USI Southwest region.
"As the preeminent middle-market insurance brokerage in the Southwest area, we look forward to having this strong team join our organization and on the successful execution of the Joint Referral Agreement with Compass Insurance and BBVA Compass," Sicard said.
The acquirer said that the business which it has bought generated nearly $26.7m in revenues in 2011.