USI Holdings Corporation has entered into a definitive agreement to acquire insurance brokerage Summit Global Partners. The closing of the acquisition is expected at the beginning of February. Terms of the transaction were not disclosed.
Established in 1996, Summit Global Partners is one of the largest privately held insurance brokerage firm in the US. Summit specializes in risk management and employee benefits for middle market companies throughout the US, with offices in Texas, Florida, Illinois, California, Tennessee, New Mexico and Michigan. Summit is expected to contribute approximately $66 million of revenues to USI on an annual basis.
David Eslick, USI’s chairman, president and CEO, said, With the completion of the negotiation and the signing of the merger agreement, I am pleased to be one step closer to officially welcoming the Summit team to USI.
Through this acquisition, we strengthen our offerings in our existing geographic footprint and increase our ability to better serve our clients locally and nationally. USI and SGP are aligned in our focus around sales success, operating efficiencies and exceeding our clients’ expectations.