USI Insurance Services (USI) has completed the previously announced acquisition of U.S. Risk Insurance Group, a Texas-based property and casualty insurance brokerage firm.
Financial terms of the transaction were not revealed. The deal to acquire U.S. Risk Insurance Group was announced in February this year.
With 16 domestic and international offices, U.S. Risk Insurance has a network of more than 6,000 retail producers. It offers a wide range of products and services through its affiliate companies.
U.S. Risk Insurance, through its brokerage division U.S. Risk Brokers, offers all types of general property and casualty (P&C) insurance products and services with a special focus on several businesses.
The businesses include: banking, consultants, equipment leasing, general contractors, healthcare services, manufacturing, oil and gas, restaurants/bars/taverns, transportation, and workers’ compensation.
U.S. Risk Solutions, the MGA division of U.S. Risk Insurance, provides in-house underwriting services for general liability, property and related lines for small to medium-size commercial businesses.
U.S. Risk Insurance will continue to operate as an independent entity under its several existing brands, U.S. Risk, Oxford, MGB, James Hampden International, Antarah and UNIS. The businesses will be led by U.S. Risk Insurance CEO Randall Goss and his current team.
Goss said: “Having completed this transaction, U.S. Risk will continue to accelerate the path we have set for ourselves as a leading program manager and specialty brokerage firm both domestically and internationally.
“USI maintains an established track record of operating independent, successful program and specialty brokerage businesses.
“We remain committed to the same quality of service and the growth and profitability of our carrier partners and retail agents.”
Back in February, USI Insurance chairman and CEO Michael Sicard said: “We look forward to welcoming Randall and the talented professionals from U.S. Risk.
“We are passionate about growing, investing, and building upon the tremendous program and specialty insurance platform U.S. Risk has established, and expanding together our firm’s existing capabilities both nationally and internationally.”
In June 2019, USI Insurance acquired Employee Benefit Concepts, an employee benefit consulting and human capital management firm in New York.