USI Holdings Corporation said it has entered into an agreement to acquire Seattle-based Kibble & Prentice Holding Company. Terms of the deal were not released.
The transaction is subject to regulatory review, but is expected to be completed during the fourth quarter of 2006, the Briarcliff Manor, N.Y.-based insurance broker said.
Kibble & Prentice is expected to contribute approximately $37 million of revenues to USI on an annual basis.
Founded in 1972, Kibble & Prentice is a major insurance broker in the Pacific Northwest with over 200 employees. USI said it is expected to contribute approximately $37 million in revenue to the broker annually. The firm's business is a mix of property-casualty, employee benefit and other financial services.
USI said the combination of Kibble & Prentice with USI's existing Seattle operation would create one of the largest middle-market brokers in the Pacific Northwest.
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