USI Insurance Services, an insurance brokerage firm headquartered in Briarcliff Manor, N.Y., acquired certain assets of BBVA Compass Insurance Agency, a unit of BBVA Compass, a financial holding company headquartered in Birmingham, Alabama.
The acquired business assets generated $26.7 million in revenues in 2011. USI said the deal will strengthen its middle-market insurance brokerage business in the Southwest region.
USI also reached a joint referral agreement with BBVA Compass Insurance Agency and BBVA Compass. Terms of the transaction were not disclosed.
The joint referral agreement is expected to offer BBVA Compass customers access to expanded insurance and related services and also give USI access to a larger client base. BBVA Compass will retain the BBVA Compass Insurance Agency entity and name to support its developing retail insurance strategy, which focuses on personal lines of insurance and employee benefit insurance for small businesses.
“This business and team are a great complement to our existing offices in Texas and the entire USI Southwest region,” said USI CEO Michael Sicard.
“As the preeminent middle-market insurance brokerage in the Southwest area, we look forward to having this strong team join our organization and on the successful execution of the joint referral agreement with Compass Insurance and BBVA Compass.”
Rafael Bustillo, commercial banking executive for BBVA Compass, added, “USI’s experience and tools, as well as its national footprint, will enable our mutual commercial clients to continue to enjoy quality service while also offering them a wider array of customized solutions.”
Headquartered in Birmingham, Ala., BBVA Compass is a Sunbelt region-based financial holding company that operates over 712 branches including 374 in Texas, 93 in Alabama, 78 in Arizona, 65 in California, 45 in Florida, 36 in Colorado and 21 in New Mexico. BBVA Compass ranks among the 25 largest U.S. commercial banks based on deposit market share. BBVA Compass is a subsidiary of Compass Bancshares Inc., a wholly owned subsidiary of BBVA
Founded in 1994, USI is a distributor of property/casualty and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, N.Y., and operates out of 74 offices in 23 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.
USI has made several acquisitions in recent months. In February, it acquired assets of Virginia Beach, Va.-based Pinnacle Group. Last December, it acquired R.I.-based employee benefit consulting and brokerage firm Bluff Head Enterprises. And last November, it bought Reston, Va.-based employee benefits brokerage firm Barros International. And in September, it bought all assets of First Place Insurance Agency of Youngstown, Ohio.