USI generated $2.3bn TTM revenue through SeptemberUSI generated revenue of $2.3bn in the 12 months through September 2022, while its organic growth in the first nine months of this year was 9 percent, according to Moody’s in a note rating the US retail broker’s latest debt issue.
USI expands consulting division with Oklahoma benefit firm acquisitionUSI Insurance Services has acquired Beasley & Company, a Tulsa, Oklahoma-based benefit consulting firm specialising in retirement, executive compensation and health and welfare benefit plans.
USI sues former producer in Tennessee for alleged soliciting of clientsUSI Insurance Services has sued its former producer Patrick Baggett and the agency he set up last year, Boxwood Insurance Group, in a lawsuit that alleges breach of contract and tortious interference.
USI expands Texas presence with D&H buyUSI Insurance Services has acquired Longview, Texas-based D&H Risk Services, a risk management and employee benefits agency serving businesses and individuals throughout its home state.
USI: Stabilising market to provide relief for insureds in 2022Insureds should start to see some relief in 2022 as trading conditions across most lines of business continue to gradually stabilise as additional capacity enters the US market, although some buyers in certain geographies and industries will continue to face “enormous challenges”, according to USI.
USI acquires Griffin MacLeanUSI Insurance Services has acquired Bellevue, Washington-based Griffin MacLean Insurance Brokers.
USI buys marine insurance broker ICMUSI Insurance Services has acquired Insurance and Capital Management, an independent insurance brokerage operation based in Mill Creek, Washington, specialising in offshore fishing maritime operations.
USI acquires Reynolds & ReynoldsUSI Insurance Services has acquired Iowa-based Reynolds & Reynolds, an independent risk management and employee benefits agency.
Marsh Specialty bolsters energy and power team with Simon hireMarsh Specialty has made another high ranking addition to its growing energy and power team with the hire of Craig Simon as a senior vice president, The Insurer has learned.
US commercial property underwriters lost $23bn in the last 4 yearsAlthough there is some evidence of easing pricing pressures in US commercial property, the latest annual filings data compiled by AM Best reveals the extent of recent pain for carriers, with cumulative underwriting losses of more than $23bn across the last four years for the business line.
USI: No casualty rate reductions until at least late 2022A mid-year commercial insurance update from USI has projected that casualty rates are unlikely to begin stabilising until next year and reductions will not appear “until at least late 2022 and possibly beyond”.
USI: Umbrella and excess rates up 15-25% in Q2Umbrella and excess business remains the most challenging casualty insurance segment as the industry prepares to enter the third quarter with average rate increases of 15-25 percent the norm and some clients facing price hikes that are in the triple digits, according to USI.
USI completes acquisition of Northwest Insurance Services businessUSI Insurance Services has completed its previously announced acquisition of the insurance business offered through Northwest Bank subsidiary Northwest Insurance Services.
USI to buy Northwest Bank’s insurance businessUSI has agreed a deal to buy the insurance business of Northwest Bank, an acquisition that will expand the broker’s presence in western Pennsylvania and western New York.
MMC commitment to de-levering and dividend should dispel unrealistic M&A rumourAs the Aon-Willis Towers Watson deal continues to grind through the regulatory approval process, there has been plenty of speculation about how the other member of the big three brokers will respond.
USI buys Colorado-based broker CB InsuranceUSI Insurance Services has acquired CB Insurance, one of the largest insurance brokers in Colorado.
USI’s Safehold buys motorsports program administrator WSIBSafehold Special Risk, a national program administrator owned by USI, has acquired Charlotte, North Carolina-based WSIB Insurance Agency.
USI sees tempering of rate increases in propertyUS broker USI said the scale of property rate increases moderated during Q4 but warned that Covid-19 and other factors could exacerbate market conditions in areas of liability business.
PA judge throws out Covid-19 BI case against Hartford and USIThe Hartford and USI have been granted a motion to dismiss a case filed by a lawyer seeking payment of Covid-19-related business interruption (BI) losses, in the latest win for insurers in US courts.
USI to buy Associated Bank broker subsidiary for $266mnUSI has agreed to buy Associated Benefits & Risk Consulting (ABRC), a US broker with revenues of $89mn, from Associated Banc-Corp for $266mn.