USI Insurance Services (USI) has acquired Euclid Insurance’s retail property & casualty and employee benefits Division (Euclid Retail Business) based in Itasca, Illinois, US.
USI’s chairman, president, and CEO Michael Sicard said that the acquisition complemented its existing presence in the Greater Chicago Area while strengthening its position as middle market insurance brokerage firm in Mid-West and in the US.
Terms of the transaction remain undisclosed, however, it is expected to contribute nearly $7.3m in revenues to USI on an annual basis.
The sale has no effect on Euclid Insurance Agencies business located in Melbourne, Florida, US.
Euclid’s health and life general agency business and their commercial managing general agency program businesses will be retained and are currently under expansion.
Euclid Retail Business specializes in commercial property & casualty and employee benefits insurance for middle-market companies and personal lines insurance for individuals throughout the Mid-West.
USI, a portfolio company of Goldman Sachs Capital Partners, is a distributor of property and casualty and employee benefits products and operates out of 74 offices in 23 states across US.