Posted on 09 Mar 11
USI Insurance Services (“USI”), today announced the closing of the acquisition of The Amerisc Corp., Atlynx Surety Brokers, LLC, and its principal affiliates (collectively “Amerisc”).
Amerisc, based in Garden City, NY, with an office in Nanuet, NY, specializes in commercial property & casualty, surety, and employee benefits insurance for middle-market businesses and is expected to contribute approximately $11.0 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.
“USI shares our commitment to providing excellence in customer service, specifically in the construction industry. We look forward to working with USI to bring our customers enhanced product and service capabilities.”
Michael J. Sicard, USI's chairman, president and CEO, said: “Amerisc is a great addition and complement to our existing organization. By combining USI’s Woodbury office and Amerisc’s Garden City office under Phil Samuels and Frank Abbatiello’s leadership, we will become one of the largest middle-market insurance brokerage firms in Long Island.
In addition, the Nanuet office provides for expansion into the growing area of New York’s Rockland County, Hudson Valley, and Northern New Jersey. I am pleased to officially welcome Phil, Frank, and the rest of the exceptional insurance professionals from Amerisc to the USI team.”
Philip G. Samuels, Co-Founder and President of Amerisc, said: “By joining the USI team, Amerisc continues its tradition to enable our insurance professionals to provide the level of service and attention to help our clients manage their insurance risk.”
Frank Abbatiello, Co-Founder and Vice President of Amerisc, said: “USI shares our commitment to providing excellence in customer service, specifically in the construction industry. We look forward to working with USI to bring our customers enhanced product and service capabilities.”
Louis J. Spina, Douglas W. Cypes, Stephen Grieco, Anthony Martillotti, all former partners of Amerisc, will provide a wealth of knowledge, experience, and management skills to our Long Island and Rockland County operations.
About USI Insurance Services
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 74 offices in 22 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.