New York-based USI Holdings Corp. has acquired the commercial marine business operation from Venbrook Group LLC, a Los Angeles-based property and casualty company. The acquired business will be combined with USI’s existing marine industry practice group in its Seattle office. The acquired business is expected to contribute approximately $1 million in revenues to USI on an annual basis. Terms of the transaction were not disclosed.
Founded in 1994, USI is a distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, N.Y., and operates out of 76 offices in 24 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.
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