U.S. Risk finalizes acquisition agreement with USI Insurance Services

U.S. Risk Insurance Group (U.S. Risk), one of the nation’s largest property and casualty program and specialty brokerage firms, today announced the completion of its previously announced agreement to be acquired by USI Insurance Services (USI), a leading insurance brokerage and consulting firm. Terms of the transaction were not disclosed.

U.S. Risk will maintain its Dallas headquarters and continue to operate independently under the company’s various existing brands, U.S. Risk, Oxford, MGB, James Hampden International, Antarah and UNIS. U.S. Risk Chief Executive Officer Randall G. Goss and his current leadership team will remain and continue to lead these businesses.

Commenting on the transaction, Mr. Goss stated: “Having completed this transaction, U.S. Risk will continue to accelerate the path we have set for ourselves as a leading program manager and specialty brokerage firm both domestically and internationally. USI maintains an established track record of operating independent, successful program and specialty brokerage businesses. We remain committed to the same quality of service and the growth and profitability of our carrier partners and retail agents.”

Sandler O’Neill + Partners, L.P. served as financial advisor, and Ropes & Gray LLP served as legal counsel to U.S. Risk in this transaction. Simpson Thacher & Bartlett LLP served as legal counsel to USI.

About U.S. Risk Insurance Group
U.S. Risk Insurance Group is a leading international specialty lines program manager and specialty brokerage firm headquartered in Dallas, Texas. Operating 16 domestic and international offices, it offers a broad range of products and services through its affiliate companies, which include U.S. Risk Underwriters, U.S. Risk Brokers, U.S. Risk Solutions, Oxford Insurance Brokers Ltd. (UK), James Hampden International Insurance Brokers Ltd., (UK) MGB Insurance Brokers Ltd. (UK), Antarah FZE (UAE), and UNIS A.G. (Zurich). For more information, visit www.usrisk.com.

About USI Insurance Services
USI Insurance Services is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects together over 6,000 industry- leading professionals across more than 150 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit www.usi.com.

For more information, contact:

Randall G. Goss
U.S. Risk Insurance Group
(800) 232-5830
randall@usrisk.com

Edward J. Bowler
USI Insurance Services
(914) 749-8504
ed.bowler@usi.com

U.S. Risk enters into agreement to be acquired

U.S. Risk Insurance Group (U.S. Risk), one of the nation’s largest property and casualty program and specialty brokerage firms, announced that it has entered into a definitive agreement to be acquired by USI Insurance Services (USI), a leading insurance brokerage and consulting firm. The transaction is expected to close in the second quarter of 2019, subject to customary conditions and regulatory requirements.

Upon the close of the transaction, U.S. Risk will maintain its Dallas headquarters and continue to operate independently under the company’s various existing brands, U.S. Risk, Oxford, MGB, James Hampden International, Antarah and UNIS. U.S. Risk Chief Executive Officer Randall G. Goss and his current leadership team will remain and continue to lead these businesses.

Mr. Goss commented: “With the support of USI, U.S. Risk will continue to accelerate the path we have set for ourselves as a leading program manager and specialty brokerage firm both domestically and internationally. USI maintains an established track record of operating independent successful program and specialty brokerage businesses. We remain committed to the same quality of service and the growth and profitability of our carrier partners and retail agents.”

“We look forward to welcoming Randall and the talented professionals from U.S. Risk,” stated Michael J. Sicard, USI’s chairman and chief executive officer. “We are passionate about growing, investing, and building upon the tremendous program and specialty insurance platform U.S. Risk has established, and expanding together our firm’s existing capabilities both nationally and internationally.”

Sandler O’Neill + Partners, L.P. served as financial advisor, and Ropes & Gray LLP served as legal counsel to U.S. Risk in this transaction. Simpson Thacher & Bartlett LLP served as legal counsel to USI.

About U.S. Risk Insurance Group
U.S. Risk Insurance Group is a leading international specialty lines program manager and specialty brokerage firm headquartered in Dallas, Texas. Operating 16 domestic and international offices, it offers a broad range of products and services through its affiliate companies, which include U.S. Risk Underwriters, U.S. Risk Brokers, U.S. Risk Solutions, Oxford Insurance Brokers Ltd. (UK), James Hampden International Insurance Brokers Ltd., (UK) MGB Insurance Brokers Ltd. (UK), Antarah FZE (UAE), and UNIS A.G. (Zurich). For more information, visit www.usrisk.com.

About USI Insurance Services
USI Insurance Services is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects together over 6,000 industry-leading professionals across more than 150 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit www.usi.com.

For more information, contact:

Randall G. Goss
U.S. Risk Insurance Group
(800) 232-5830
randall@usrisk.com

Edward J. Bowler
USI Insurance Services
(914) 749-8504
ed.bowler@usi.com

Oxford Insurance Brokers expands into the marine and energy markets

Oxford Insurance Brokers Limited, an international subsidiary of U.S. Risk Insurance Group, has acquired a marine and energy team. This new team will form the core of a new Marine & Energy Division within Oxford.

The hiring of the team, who was formerly with Chesterfield Insurance Brokers, complements and is consistent with Oxford’s growth ambitions. Mark Rowland will head up the team, and will be joined by Ramsay Nicoll and Charles Reid. The team specializes in a number of marine and energy lines including marine hull and liability; marine employers’ liability; P&I; yachts; and ports and terminals.

Randall Goss, Chairman of U.S. Risk Insurance Group, said, “We are delighted to welcome Mark and the team to Oxford. They bring a range of exciting new opportunities for the Group and we are looking forward to their continued success.”

StaffPak announces new carrier partner for staffing agency and PEO programs

U.S. Risk’s StaffPak program has partnered with program-driven Markel Specialty to offer property and casualty coverage to the staffing and PEO industries. Markel will provide capacity, oversight, claims handling and loss control, while StaffPak will provide underwriting, policy services, marketing and distribution. The program launched September 1, 2018 in a majority of states, with additional states being added as filings are approved.

Steve Leeret, Managing Director of Programs, Markel Specialty, commented, “We are excited to partner with U.S. Risk’s StaffPak team, who brings with it tremendous industry and program management experience. This partnership fits in well with our strategy to hire seasoned, well managed Program Administrators dedicated to specific niche business classes.”

Matt Parker, President, Markel Specialty, said, “Adding the StaffPak program creates a fantastic growth trajectory for Markel with this distribution partner while building on our Specialty Segmentation strategy. Partnering with U.S. Risk to write the StaffPak program is an example of how the Markel team can effectively bring together the resources to execute on a deal with tremendous pace and resolve.”

Peter Stanislaw, Program Manager for StaffPak, said, “We are very pleased to have Markel as our new long-term partner. Their financial strength, coupled with their commitment to the program business space, will allow us to better serve the needs of our customers.”

Wayne Carter, President of U.S. Risk Underwriters, added, “The Markel partnership will greatly enhance our StaffPak client experience, giving us the ability to further expand our capabilities with a broader appetite and competitive pricing.”

Trireme Insurance Group announces acquisition of MGB Insurance Brokers Limited

Trireme Insurance Group, the international subsidiary of U.S. Risk Insurance Group, LLC, is pleased to announce that it has acquired MGB Insurance Brokers Limited (MGB). MGB will operate alongside Trireme’s existing London brokers, Oxford Insurance Brokers and James Hampden International.

Founded in 2001, and headquartered in London, MGB is a Lloyd’s broker specializing in placing professional indemnity risks for companies in the construction, consulting, accounting, insurance, and other industries.

Randall Goss, Chairman of Trireme Insurance Group, said, “MGB’s approach to its partner brokers and clients is very similar to U.S. Risk’s. They value client service and building a long-term relationship by demonstrating their expert knowledge of their market segments. We are thrilled to have them as part of our group.”

Nick Bender, Joint Managing Director of MGB, said, “Glenn Gostling and I are delighted to join the U.S. Risk family of companies. We believe their entrepreneurial culture matches up very well with ours, and we are excited to be able to both supplement our offering to current brokers and clients and to expand our client base through the U.S. Risk network of agents.”

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