U.S.I. Delays 10-K Filing

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NU Online News Service, March 17, 3:51 p.m.EST?U.S.I. Holdings Corp. said it is delaying its annual10-K filing because it has not yet reconciled aspects of itsaccounting for discontinued operations.[@@]

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In a filing with the Securities and Exchange Commissionyesterday, the Briarcliff Manor, N.Y.-based insurance broker saidit would need more time because it had not finished reconcilingincome tax and allocation issues with continuing and discontinuedoperations. The period covers 2003 and prior years, U.S.I.said.

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U.S.I. announced earlier that it plans to sell threeunderperforming units and would take a charge for discontinuedoperations in its 2004 earnings. One of the three units has alreadybeen sold.

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The company said the accounting would have no material effect onearnings.

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The company said it plans to complete the filing on or beforeApril 15.

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