BRIARCLIFF MANOR, NY, July 24, 2012 - USI Insurance Services ("USI"), announced today the closing of the acquisition of New York-based Kelly Insurance Brokerage, Inc. (“KIB”). Terms of the transaction were not disclosed.
Kelly Insurance Brokerage offers a full range of employee benefits and consulting services, including financial analysis, government compliance, benefit plan design and development, and account management services. Founded in 1997, the company is considered one of the largest Asian brokerage firms in the New York Metropolitan area. KIB will be combined in Emerson Reid and Company (ERC), USI's benefits wholesale operation which is headquartered in New York City.
Arthur W. Hall, Emerson Reid and Company’s CEO, said, “Through our acquisition of Kelly Insurance Brokerage, we have attained an experienced staff that truly understands the healthcare arena and will help us further extend our benefits reach in the tri-state area as well as in the Asian marketplace. In addition, their reputation for finding the shortest path from problem to solution is a perfect complement to our strategy of always delivering unparalleled service and support to our brokers, and I am pleased to welcome KIB to the Emerson Reid team.”
Neal H. Brown, principal of Kelly Insurance Brokerage, Inc., said, “Navigating the healthcare landscape can be confusing and costly if the wrong path is taken. That is why we develop our staff through continuing education and leverage solutions that not only grow and protect our client’s business but will differentiate them from the competition. This acquisition enables us to leverage our staff’s talent with ERC’s deep footprint in General Agency contracts and further expand our benefits solutions in the general marketplace. We look forward to this partnership and are excited to be working with Arthur and the rest of the ERC team.”
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 81 offices in 24 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.