USI Acquisition of BBVA Compass Assets Worth $27M

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.

Comments

Resource Center

View All »

Contractors General Liability Coverage 102

What is a prior work exclusion? Which option is right for my client? Why do...

Sign up today to get a 50% matching credit -...

Insurance marketing sometimes seems like it's a game of swings and misses, but we're here...

Guide: 5 Steps to Selling Cyber

Cyber risk and data security is on the agenda of every business owner and executive....

Citation Correlation

Do rigger and signalperson qualifications correlate with the cause of crane and rigging accidents? ...

Complete Guide to Electronic Signatures in Property & Casualty Insurance...

In property and casualty insurance, closing new business quickly is key. Learn how to leverage...

INSTANT ACCESS: Complimentary Sales Closer Questionnaires

Help property owners or managers compare your commercial residential property insurance coverage vs. the competition....

Determining Vacant Property Perils and Valuations

Are your clients fully covered for Vacant Properties? In this economic climate, your insureds may...

Risk Management for Law Firms

This package of 3 concise risk management articles offers straightforward content and practical suggestions law...

Guide: Top 15 E&O Risks-And How To Avoid Them

Accidents happen. But when it's an errors and omissions oversight, that accident can open your...

We'll Show You How to Reach Your Sales Goals

Whether you work alone or have a team of agents working for you, we can...

Agent & Broker Insider eNewsletter

Proven success tips and essential information to help agents and brokers grow their practice – FREE. Sign Up Now!

Advertisement. Closing in 15 seconds.