Posted on 23 Nov 2010
USI Holdings Corporation ("USI"), today announced the closing of the acquisition of the New Jersey operation of Kinloch from Kinloch Holdings, Inc. The New Jersey operation of Kinloch, based in West Orange, NJ, specializes in commercial property & casualty and employee benefits insurance for middle-market businesses and is expected to contribute approximately $5.1 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.
Michael J. Sicard, USI's chairman, president and CEO, said: “Kinloch’s New Jersey operation is a great complement to our existing operation in New Jersey. By combining the two operations, we will become one of the largest middle-market insurance brokerage firms in New Jersey. We expect the synergies created by the combination of the two operations to benefit the clients of both companies through expanded and enhanced product offerings. I am pleased to officially welcome the Kinloch’s New Jersey insurance professionals to the USI team."
About USI Holdings Corporation
Founded in 1994, USI is a leading distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 76 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co. Additional information about USI may be found at www.usi.biz