USI Insurance Services (USI) has acquired Suncoast Insurance Associates, an insurance brokerage operation, which offers the design, delivery and servicing of professional liability programs for more than 1,500 firms in Florida.
The acquisition, whose transaction value has not been disclosed, will contribute nearly $3m in revenues to USI on an annual basis, said the acquirer.
USI’s regional CEO for southeast James W Dunn said for almost four decades, Suncoast Insurance Associates has been the "go-to" insurance agency for the design firm marketplace in Florida.
"In addition to architects and engineers, Suncoast has growing practices providing professional liability for healthcare, technology, accounting and law firms. SIA’s deep strong relationships are a perfect match for USI’s strategy of providing custom insurance solutions for growing industry verticals," Dunn said.
"With this acquisition, USI has bolstered its growing national footprint in professional liability, with significant practices in the Northwest, Southwest, Midwest and now Southeast. I welcome SIA to the USI family and look forward to working with Dan and his staff."
Suncoast Insurance Associates CEO Daniel L Titus said, "By joining with USI, we now have the opportunity to draw upon their resource-intensive, consultative processes that connect local, regional, and national technical assets to each client in the delivery of the most attractive program possible."
USI is a distributor of property and casualty insurance and employee benefits products to businesses throughout the US.