David L. Eslick, the chief executive of USI Holdings Corporation, has been replaced by Michael J. Sicard, a former executive with Willis Group Holdings, the Briarcliff Manor, N.Y., insurance brokerage firm said.
Mr. Sicard was named chairman, president and chief executive officer, replacing Mr. Eslick, who took the firm private when it was acquired by GS Capital Partners, a private equity affiliate of Goldman, Sachs & Co., earlier this year.
A company spokesman said by e-mail that Mr. Sicard is not serving in an interim capacity and Mr. Eslick was not terminated.
Mr. Sicard was part of Willis Group Holdings when it went private with KKR in 1998, and public again in 2001. He was the chief operating officer of North America and a member of Willis Group Executive Council. Prior to Willis, he worked in insurance and financial services while at McKinsey & Company.
He joined the board of USI when it went private in 2007.
"We are looking forward to further growing USI's business under Mike's new leadership and thank Dave for all the work he has done toward building USI into a market leader," said Henry Cornell, managing director of GS Capital Partners, in a statement.
He noted, "During USI's first year as a private company, it is on track to realize strong performance and further strengthen its position in the market."
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