Usi (NASDAQ:USIH)
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USI Holdings Corporation (NASDAQ: USIH) today announced the acquisition
of Woodbury, NY-based Sammis, Smith & Brush, Inc. ("Sammis"). Sammis
provides property & casualty insurance products and services to
businesses and individuals throughout the Long Island and New York Metro
area. Sammis is expected to contribute approximately $7 million of
revenues to USI on an annual basis.
Commenting on the acquisition, David L. Eslick, Chairman, President &
CEO, USI Holdings Corporation, said, "USI is committed to completing
transactions that enable us to better serve our clients. Together with
Sammis, USI is well positioned to continue achieving our long-term goals
of cross-selling, client retention and diversification of revenues. I am
pleased to welcome the entire Sammis team to the USI Family."
Scott T. Sammis, President, Sammis, Smith & Brush, Inc., said, "Sammis
is committed to overall client satisfaction and retention, revenue
growth and productivity - a perfect fit with the USI culture. By joining
USI, our clients will continue to receive an unprecedented level of
service with an increased product offering."
James M. Butler, CEO, USI Northeast, added, "The addition of Sammis will
enable us to better serve our existing Long Island clients through
increasing the depth of our existing offerings. I look forward to
working with the entire Sammis team to serve our clients and achieve our
goals."
Frank P. Cutrone, Vice President, Sammis, Smith & Brush, Inc., added,
"Sammis is an insurance brokerage operation built on trusted
relationships. By joining USI, we will be able to bring new solutions to
existing clients and continue to build new relationships. We look
forward to working with USI to continue putting our clients first."
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by words such as "expects",
"anticipates", "intends", "plans", "believes", "seeks", "estimates",
"will" or words of similar meaning and include, but are not limited to,
statements about the anticipated closing of the acquisition and the
expected future business and financial performance of USI resulting from
and following the acquisition. These statements are based on
management's current expectations and are inherently subject to
uncertainties and changes in circumstances. Detailed information about
the factors that could cause actual results to differ materially from
those described in the forward-looking statements is contained in USI’s
filings with the SEC. All forward-looking statements included in this
press release are made only as of the date of this press release, and
USI does not undertake any obligation to publicly update or correct any
forward-looking statements to reflect events or circumstances that
subsequently occur or of which USI hereafter becomes aware.
About USI Holdings Corporation
Founded in 1994, USI is a leading distributor of insurance and financial
products and services to businesses throughout the United States. USI is
headquartered in Briarcliff Manor, NY, and operates out of 63 offices in
19 states. Additional information about USI may be found at www.usi.biz.