USI Holdings Corporation Acquires Mastors & Servant Risk Services

BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)-- USI Holdings Corporation (“USI”), today announced the closing of the acquisition of Mastors & Servant Risk Services (“Mastors & Servant”). Mastors & Servant, based in East Greenwich, RI, specializes in commercial property & casualty, bonds, and employee benefits insurance for middle-market businesses and is expected to contribute approximately $5.6 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.

Michael J. Sicard, USI's chairman, president and CEO, said: “Mastors & Servant is a great complement to our existing office in Warwick, RI. By combining the two offices under Joe Servant and Jim Mastors’ leadership, we will become one of the largest middle-market insurance brokerage firms in Rhode Island. I am pleased to officially welcome the Mastors & Servant insurance professionals to the USI team.”

Joseph A. Servant, Mastors & Servant Chairman, said: “By joining the USI team, Mastors & Servant continues its tradition of customer service excellence.” James L. Mastors, Mastors & Servant President, said: “USI shares our commitment to providing professional service that exceeds client expectations. We look forward to working with USI to bring our customers enhanced product and service capabilities.”

About USI Holdings Corporation

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 76 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.