Briarcliff Manor, N.Y.-based insurance broker USI Holdings Corporation said it has acquired Memphis, Tenn.-based H.W. Gates Agency Inc.

H.W. Gates provides property-casualty insurance products and services to businesses throughout the Memphis-metro area. The agency is expected to contribute approximately $1 million of revenues to USI on an annual basis.

Jeffrey J. Haynes, chief executive officer of USI Southeast Region, said in a statement: "At USI, our commitment is to delivering high-quality solutions to our clients. At the same time, we continue to target acquisition candidates that will increase our organic growth and ability to cross-sell. Gates will enhance our existing Memphis operation with property and casualty expertise and provide an opportunity for us to bring our employee benefits expertise to their existing clients."

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