U.S.I. To Acquire Dodge, Warren & Peters
NU Online News Service, Jan. 6, 10:42 a.m. EST?U.S.I. Holdings Corp. said it has reached an agreement in principle to acquire Los Angeles-based insurance broker Dodge, Warren & Peters Insurance Services Inc.[@@]
Terms of the transaction, still subject to negotiation, were not disclosed. Briarcliff, N.Y.-based U.S.I. said it expects the transaction to be completed during the first quarter of this year. A spokeswoman for U.S.I., Maria Slippen, said her firm expects that in the 12 months after closing DWP would generate $25 million in revenues.
DWP, established in 1977, offers insurance products and services for a business client base. The company provides retail property-casualty and employee benefits brokerage through its four offices in Southern California.
The proposed acquisition of DWP, combined with U.S.I.'s existing Southern California operation, would create one of the largest middle market brokers in that region, according to U.S.I.
"Dodge, Warren & Peters is one of the most prominent brokerages in the Southern California market," said David L. Eslick, U.S.I.'s chairman, president and chief executive officer.
Mr. Eslick said the two firms' combined offerings "will not only enhance our current ability to serve our clients but also create the largest middle market offering in Southern California. We are very pleased that U.S.I. has attracted Greg Davidian, chairman, president and CEO of DWP, and his well-respected team of professionals."
DWP in 2002 and 2003 was a runner-up in the National Underwriter "Agency of the Year" award competition.
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