USI to acquire offices of National City Insurance in three states

Feb 22, 2010 (Datamonitor via COMTEX) -- USI Holdings, a distributor of insurance and financial products and services to businesses, has signed a definitive agreement to acquire the retail employee benefit insurance brokerage offices in the states of Ohio, Kentucky, and Missouri of National City Insurance Group from The PNC Financial Services Group.

National City Insurance is expected to contribute approximately $13 million in revenues to USI on an annual basis.

The closing of the transaction, which is subject to certain conditions, is expected on or around the last week of February 2010. Terms of the transaction were not disclosed.

Michael Sicard, chairman, president and CEO of USI, said: "Through this acquisition, we expect to expand and strengthen our Midwest regional operation by adding a significant footprint in Louisville, St Louis, and Cleveland. The National City Insurance professionals are aligned in our focus on growing the business and exceeding our client's expectations."

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