U.S.I. To Complete Dodge Warren & Peters Deal
NU Online News Service, April 13, 3:51 p.m. EDT?U.S.I. Holdings Corp. said it has entered into a definitive agreement to acquire Los Angeles-headquartered Dodge, Warren & Peters Insurance Services Inc.[@@]
The Briarcliff Manor, N.Y.-based insurance firm did not disclose the terms of the deal.
DWP is expected to contribute approximately $25 million in revenues to U.S.I. on an annual basis, the firm said.
Since 1977, DWP has provided property-casualty and employee insurance for clients throughout Southern California. U.S.I. said that the acquisition would create one of the largest middle-market brokers in the region.
DWP was a two-time runner-up in National Underwriter's "Agency of the Year award."
The closing of the acquisition is expected to occur by the beginning of May 2004, U.S.I. said.
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