American insurance brokerage and consulting firm USI Insurance Services has agreed to acquire U.S. Risk Insurance Group for an undisclosed sum.
Dallas-based U.S. Risk operates as a property/casualty program and specialty brokerage firm.
Following the completion of the deal, U.S. Risk will maintain its Dallas headquarters and continue to operate independently under the company’s various existing brands, U.S. Risk, Oxford, MGB, James Hampden International, Antarah and UNIS.
U.S. Risk CEO Randall Goss and his current team will continue to manage these businesses.
Goss said: “With the support of USI, U.S. Risk will continue to accelerate the path we have set for ourselves as a leading program manager and specialty brokerage firm both domestically and internationally.
“USI maintains an established track record of operating independent successful program and specialty brokerage businesses. We remain committed to the same quality of service and the growth and profitability of our carrier partners and retail agents.”
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By GlobalDataUSI chairman and CEO Michael Sicard said: “We look forward to welcoming Randall and the talented professionals from U.S. Risk.
“We are passionate about growing, investing, and building upon the tremendous program and specialty insurance platform U.S. Risk has established, and expanding together our firm’s existing capabilities both nationally and internationally.”
Subject to customary conditions and regulatory approvals, the transaction is scheduled to be completed in the second quarter of 2019.
Recently, USI Insurance acquired New York-based GFI Insurance Brokerage that offers commercial property and casualty, employee benefit and personal risk solutions to clients.
Set up in 1994, USI offers insurance brokerage and consulting in property-casualty, employee benefits through over 6,000 professionals in more than 150 offices across the US.
