NU Online News Service, Nov. 29, 11:17 a.m. EDT
Briarcliff Manor, N.Y.–based insurance broker USI Holdings Corp. said it has acquired Mastors & Servant Risk Services based in East Greenwich, R.I.
Financial terms of the transaction were not released.
USI said Mastors & Servant specializes in commercial property and casualty, bonds, and employee benefits insurance for middle-market businesses. The firm is expected to contribute approximately $5.6 million in revenues annually to USI, the broker said.
Michael J. Sicard, USI's chairman, president and chief executive officer, said in a statement, "Mastors & Servant is a great complement to our existing office in Warwick, R.I. By combining the two offices under Joe Servant and Jim Mastors' leadership, we will become one of the largest middle-market insurance brokerage firms in Rhode Island."
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