New York-based insurance broker USI Insurance Services (USI) has purchased Van Gilder Insurance, a full-service insurance brokerage firm serving clients in the Rocky Mountain region and across the US.
Financial terms of the transaction have not been disclosed. However, the company said that Van Gilder will be rebranded as USI Colorado, following the completion of the transaction.
The acquisition will enable USI to emerge as the number one brand in the middle-market insurance brokerage industry.
Under the terms of the agreement, current Van Gilder president, Donald McG Woods, who will become the regional chief executive officer for the newly formed Rocky Mountain region, will concentrate on Colorado and select western states.
USI president and CEO Michael Sicard said, "Van Gilder and USI have shared strengths of delivering unparalleled, local service by a team of professionals who have deep industry knowledge and always go the extra mile for their clients.
"Through this acquisition, we are expanding into the Rocky Mountain region, an area that USI did not have a large presence in previously."
A privately held insurance brokerage, Van Gilder provides business insurance, employee benefits programs, risk management services and personal insurance products.
Established in 1994, USI operates out of nearly 100 offices across the US.