NU Online News Service, May 5, 3:03 p.m. EDT
H.W. Kaufman Financial Group, a privately held group that includes wholesale broker Burns & Wilcox, acquired US-Reports, a Colorado-based loss control inspection, premium audit and risk management services firm.
Financial terms of the deal for the 70-employee risk inspection services company were not disclosed.
US-Reports is a family-owned company operating on a national basis and headquartered in Loveland, Colo.
Steve Hitz, who founded the firm in 1988, will remain chief executive officer and president, and the current officers, management and employee team will remain in place, Kaufman Financial Group said.
The company will continue to operate as an independent entity, according to a statement announcing the deal released yesterday.
US-Reports on its Web site says it provides both physical audits and verified telephone audits nationwide in the area of premium audit. Loss control services include underwriting inspections, telephone surveys, summary reports, virtual surveys, recommendation reports and "Inspections Plus" reports.
Its Web site describes an "Inspections Plus" report as a detailed analysis of the business being reviewed based on recognized industry best practices.
Risk services, such as risk control consulting and ergonomic services, are offered through a subsidiary, US-Risk Services LLC.
Alan Jay Kaufman, who is chairman, president and chief executive officer of the Farmington Hills, Mich.-based Kaufman Group, said the deal adds another dimension to the group's insurance portfolio.
In addition to Burns & Wilcox, a North American managing general agency and wholesale firm, entities in Kaufman Group include: Burns & Wilcox Brokerage, a brokerage firm focusing on complex solutions for agents, brokers and risk managed businesses; Burns & Wilcox Re, a reinsurance intermediary; R.B. Jones, a national specialty brokerage company; Royal Premium, a premium financing company; Minuteman Adjusters, a third-party claims administration company; Coleman & Kaufman, a London-based brokerage.
"This acquisition further strengthens our position in the marketplace, allowing us to offer a broader array of high-quality and convenient services to our insurance brokers and agents," Mr. Kaufman said in a statement.
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