USIH Usi Hldgs Corp (MM)

USI Holdings Corporation (NASDAQ: USIH) today announced the acquisition of Woodbury, NY-based Sammis, Smith & Brush, Inc. ("Sammis"). Sammis provides property & casualty insurance products and services to businesses and individuals throughout the Long Island and New York Metro area. Sammis is expected to contribute approximately $7 million of revenues to USI on an annual basis. Commenting on the acquisition, David L. Eslick, Chairman, President & CEO, USI Holdings Corporation, said, "USI is committed to completing transactions that enable us to better serve our clients. Together with Sammis, USI is well positioned to continue achieving our long-term goals of cross-selling, client retention and diversification of revenues. I am pleased to welcome the entire Sammis team to the USI Family." Scott T. Sammis, President, Sammis, Smith & Brush, Inc., said, "Sammis is committed to overall client satisfaction and retention, revenue growth and productivity - a perfect fit with the USI culture. By joining USI, our clients will continue to receive an unprecedented level of service with an increased product offering." James M. Butler, CEO, USI Northeast, added, "The addition of Sammis will enable us to better serve our existing Long Island clients through increasing the depth of our existing offerings. I look forward to working with the entire Sammis team to serve our clients and achieve our goals." Frank P. Cutrone, Vice President, Sammis, Smith & Brush, Inc., added, "Sammis is an insurance brokerage operation built on trusted relationships. By joining USI, we will be able to bring new solutions to existing clients and continue to build new relationships. We look forward to working with USI to continue putting our clients first." This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "will" or words of similar meaning and include, but are not limited to, statements about the anticipated closing of the acquisition and the expected future business and financial performance of USI resulting from and following the acquisition. These statements are based on management's current expectations and are inherently subject to uncertainties and changes in circumstances. Detailed information about the factors that could cause actual results to differ materially from those described in the forward-looking statements is contained in USI�s filings with the SEC. All forward-looking statements included in this press release are made only as of the date of this press release, and USI does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which USI hereafter becomes aware. About USI Holdings Corporation Founded in 1994, USI is a leading distributor of insurance and financial products and services to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 63 offices in 19 states. Additional information about USI may be found at www.usi.biz.