USI Insurance Services (USI) is set to acquire property and casualty program and specialty brokerage firm U.S. Risk Insurance Group (U.S. Risk) for an undisclosed sum.
U.S. Risk said that it has entered into an agreement to be acquired by broker and consultancy USI, resulting in a transaction that is expected to close in the second quarter of 2019.
U.S. Risk Chief Executive Officer Randall G. Goss commented, “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.”
“We look forward to welcoming Randall and the talented professionals from U.S. Risk,” added Michael J. Sicard, USI’s chairman and chief executive officer. “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.”
Once the acquisition is completed U.S. Risk will stay on at its Dallas headquarters and continue to operate independently from USI, using its existing brands, U.S. Risk, Oxford, MGB, James Hampden International, Antarah and UNIS.
U.S. Risk CEO Goss will remain in charge of operations, assisted in leading the businesses by his current leadership team.
U.S. Risk adds to the USI platform with its 16 domestic U.S. and international offices including in the UK, Zurich, and United Arab Emirates.
USI Insurance Services is already one of the largest insurance brokerage and consulting firms, with more than 6,000 professionals across 150 offices in the U.S. and internationally.