USI Holdings has entered into an agreement to acquire the retail employee benefit insurance brokerage offices in the states of Ohio, Kentucky, and Missouri of National City Insurance, from The PNC Financial Services.
Under the agreement, the National City Insurance is expected to contribute approximately $13m in revenues to the company on an annual basis. The transaction which is subject to certain conditions is expected to close at the end of February 2010.
Michael Sicard, chairman, president and CEO of USI, said: “Through this acquisition, we expect to expand and strengthen our Midwest Regional Operation by adding a significant footprint in Louisville, St Louis, and Cleveland. The National City Insurance professionals are aligned in our focus on growing the business and exceeding our client’s expectations.”
Thomas Cassady, Midwest regional CEO of USI, said: “I am pleased to officially welcome the National City Insurance team and look forward to working together with them to benefit our clients through expanded insurance expertise. We expect this combination will strengthen our Midwest Region with expanded scale and scope.”
Headquartered in Briarcliff Manor, New York, USI is a distributor of insurance and financial products and services to businesses throughout the US. It is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs.