Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
USI Insurance Services announced the closing of the acquisition of Welsch Flatness and Lutz, Inc., ("WFL") and Construction Insurance Partners ("CIP"), both based in Saint Louis, MO.
According to a release, by combining the existing USI office in Saint Louis with WFL and CIP, USI Insurance Services becomes one of the largest middle-market insurance brokerage firms in the Greater St. Louis metropolitan area. Terms of the transaction were not disclosed.
Welsch Flatness and Lutz, Inc., provides a portfolio of such insurance services as commercial, surety bonds, employee benefits and private client solutions. Construction Insurance Partners is a full-service, wrap-up broker for owner controlled insurance programs (OCIP) and contractor controlled insurance programs (CCIP).
Thomas D. Cassady, USI's regional CEO for the Midwest, said, "WFL and CIP understand the importance of the establishment and management of long-term, one-on-one client relationships. With this acquisition, we will leverage their talents to continue our acceleration of expansion in the Midwest. I couldn't be more pleased to have both Dennis and John join the USI family."
"We are excited to be joining the USI family," said Dennis D. Flatness, president and CEO of Welsch Flatness and Lutz, Inc. "Managing risk is a continuous challenge in today's environment and success is now defined by a broker's ability to deliver measurable solutions that place the client's issues front and center, and yield a meaningful economic impact. USI is at the forefront in this new way of thinking, and their local, service-oriented relationships fit perfectly with our vision. I look forward to working with Dean and Tom, and to executing on strategic growth opportunities in the future."
Dean A. Eggerding, employee benefits practice leader located in Saint Louis, MO, said, "Through this acquisition, USI broadens its suite of insurance solutions and wrap-up business, while being able to offer WFL and CIP's clients expanded resources that come from having a national footprint. I am excited to be partnering with such an experienced staff and look forward to working with John and Dennis."
John J. Campbell, founding partner and president of Construction Insurance Partners said, "CIP remains committed to delivering exceptional OCIP and CCIP services while our clients enjoy the added opportunities made available through this acquisition. As a USI Company, we are excited to be working with an organization whose value proposition is based upon discussing a breadth of relevant client topics, presenting a depth of solutions that address those issues and then demonstrating how those solutions translate into meaningful, measurable results. While we embrace USI's approach, CIP will continue to work as an independent division that works directly with independent agents and brokers to assist on all levels of wrap- up services for its clients and prospects."
Welsch Flatness and Lutz, Inc., provides a portfolio of insurance products and specialized services tailored to a business.
Construction Insurance Partners partners with other independent agents and brokers to provide all necessary wrap-up insurance services whether general liability only or full workers' compensation and general liability wrap-up programs.
USI is an insurance broker.
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