U.S.I. Completes Patterson Smith Acquisition

U.S.I. Completes Patterson Smith Acquisition

NU Online News Service, Feb. 1, 2:04 p.m. EST?Briarcliff Manor, N.Y.-based U.S.I. Holdings Corporation said it has completed its acquisition of Falls Church, Va.-based Patterson//Smith Associates.[@@]

Terms of the deal were not released.

The acquisition is expected to contribute $11 million in revenues to U.S.I. on an annual basis, the firm said.

Patterson Smith was founded in 1961 and is considered a major independently owned insurance brokerage firm in the Washington, D.C. metropolitan area. The company has a diversified revenue mix with approximately 65 percent of revenues derived from property-casualty and 35 percent from employee benefits.

U.S.I. said that the combination of Patterson Smith with U.S.I.'s existing operation will create one of the largest middle market brokers in the Washington, D.C. metropolitan area.