USI Holdings, a distributor of property and casualty insurance and employee benefits products, has completed the acquisition of Mastors & Servant Risk Services.
Rhode Island-based Mastors & Servant specializes in commercial property & casualty, bonds, and employee benefits insurance for middle-market businesses and is expected to contribute approximately $5.6m in revenues to USI on an annual basis. Terms of the transactions were not disclosed.
Mastors & Servant chairman Joseph Servant and president JamesMastors have joined the USI.
USI chairman, president and CEO Michael Sicard said that by combining the two offices under Joe Servant and Jim Mastors’ leadership, USI will become one of the largest middle-market insurance brokerage firms in Rhode Island.
USI is headquartered in New York and operates out of 76 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.