Dallas-based property/casualty program and specialty brokerage firm U.S. Risk Insurance Group (U.S. Risk) announced it has agreed to be acquired by USI Insurance Services (USI).
The transaction is expected to close in the second quarter of 2019, subject to customary conditions and regulatory requirements.
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 Chief Executive Officer Randall G. Goss and his current leadership team will remain and continue to lead these businesses.
“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,” he said. “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,” Goss said in a statement released by the company.
Sandler O’Neill + Partners L.P. served as financial adviser, and Ropes & Gray LLP served as legal counsel to U.S. Risk in this transaction. Simpson Thacher & Bartlett LLP served as legal counsel to USI.
Headquartered in Valhalla, N.Y., USI Insurance Services delivers property and casualty, employee benefits, personal risk, and retirement products and services to large risk management clients, middle-market companies, smaller firms and individuals.
Source: U.S. Risk Insurance Group