NU Online News Service, May 5, 4:20 p.m. EDT–U.S.I. Holdings Corporation reported a lower first-quarter profit for 2005, hampered by higher expenses that included its acquisition of Summit Global.
The Briarcliff Manor, N.Y.-based insurance broker reported net income for the quarter was $975,000, down from slightly more than $5 million for the same period a year ago.
The firm's commissions-and-fees revenues rose to more than $122 million, up from $91.5 million, while investment income improved to $664,000 from $361,000. The higher revenues were attributable to U.S.I.'s continuing acquisition of agency businesses, the firm said.
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