USI Holdings Corporation Closes Acquisition of Sammis, Smith & Brush, Inc.
January 04 2007 - 4:00PM
Business Wire
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.
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