NU Online News Service, April 20, 10:40 a.m. EDT
Briarcliff Manor, N.Y.-based insurance broker USI Insurance Services says it has acquired certain assets of BBVA Compass Insurance Agency Inc. that generates close to $27 million in revenue.
USI says in addition to the acquisition of the assets, announced yesterday, it has reached a joint referral agreement with Compass Insurance and BBVA Compass that will provide BBVA Compass clients with access to expanded insurance and related products and services and give USI access to a larger client base, the broker says.
BBVA Compass will retain the BBVA Compass Insurance Agency, Inc. entity and name to support its developing retail insurance strategy exclusively focused on personal lines of insurance for individuals and employee benefit insurance for small businesses under 20 lives.
In an e-mail, a USI spokesman says the firm acquired the property and casualty and employee benefit accounts of Compass plus select personal lines and small commercial accounts.
USI says the acquired business generated approximately $26.7 million in revenues in 2011.
Terms of the transaction were not released.
“This business and team are a great complement to our existing offices in Texas and the entire USI Southwest region,” says Michael J. Sicard, USI's chairman, president and chief executive officer in a statement.
“USI’s experience and tools, as well as its national footprint, will enable our mutual commercial clients to continue to enjoy quality service while also offering them a wider array of customized solutions,” says Rafael Bustillo, commercial banking executive for BBVA Compass.
Founded in 1857, BBVA is based in Spain. BBVA Compass is a Sunbelt-based bank operating more than 712 branches in the United States including 374 in Texas, 93 in Alabama, 78 in Arizona, 65 in California, 45 in Florida, 36 in Colorado and 21 in New Mexico. It also has banks in Mexico and South America.
Founded in 1994, USI is part of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.