USI Holdings Corp. paid close to $153 million to acquire six agencies in the first half of 2005, assuming more than $90 million in debt as part of the deals, the company reported.
The figures were released as part of the company's 10-Q filing with the Securities and Exchange Commission.
As previously reported, the acquisition of Summit Global Partners was the most expensive deal in 2005, at more than $124 million.
USI's next most expensive acquisition was Patterson/Smith Associates, purchased in February for less than $21 million; Chase Insurance Agency at $1 million; and Humanex, a human resource and employee benefits operation, acquired in the beginning of June for $2.8 million.
In addition, the Chase and Humanex deals involve contingent earn-outs (payments contingent upon reaching certain financial targets over a period of time).
Chase is contracted to receive an earn-out of $2.5 million through June 30, 2009. Humanex is to receive an earn-out of less than $3.3 million through June 30, 2008.
In the month of July, USI acquired Benefits Unlimited and HRB Benefits Group. The Benefits Unlimited deal consisted of $1.5 million in cash and a five-year earn-out to 2010. HRB cost $3 million in cash and stock as well as an earn-out to 2009.
The Briarcliff Manor, N.Y.-based broker said it also is selling off some of its operations that either "exhibited significant earnings volatility" or did not fit in with the firm's core strategy.
The firm sold its Ocala, Fla., operation to Brown & Brown for more than $2 million in January, and its Strategic Asset Management Group for $426,000 in cash and promissory notes in February.
In April, USI sold its Troy, Mich., office, acquired in the Summit Global purchase, for $969,000. In July, it sold its San Antonio, Texas, office to CRC Insurance Services for $4 million and an unspecified earn-out.
The company said it still plans to sell off three more operations by the end of this year.
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