New York-based USI Holdings, a distributor of property and casualty insurance and employee benefits products to businesses, has acquired the commercial marine business operation from Venbrook Group, a California-based property and casualty company.
According to the USI, the new acquired business will be combined with its existing marine industry practice group in its Seattle office.
The new business is expected to contribute approximately $1m in revenues to USI on an annual basis.
USI chairman, president and CEO Michael Sicard said that this mutually beneficial transaction creates one of the most experienced marine teams in the Pacific Northwest and strengthens the existing technical expertise, positioning USI for continued opportunities for growth in this important market.
The terms of the transaction were not disclosed.
USI and operates out of 76 offices in 24 states in US. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.