USI Holdings Corp. reported sharp improvement in its net income for the first quarter, helped by $12.4 million in new revenue from acquisitions.
The Briarcliff Manor, N.Y.-based insurance broker on Tuesday reported its net income increased $6.75 million, going from $975,000, or 2 cents a share, to $7.72 million, or 13 cents a share. Revenues increased 12 percent, or $14.6 million, going from $122 million to $13.6 million.
In a 10-Q filing with the Securities and Exchange Commission, USI reported that $12.4 million of the $14.6 million in revenue growth was due to acquisition, and $2.2 million was due to organic growth.
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