BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--USI Insurance Services ("USI") today announced the closing of the acquisition of certain assets of BBVA Compass Insurance Agency, Inc. ("Compass Insurance"), subsidiary of BBVA Compass, and execution of a Joint Referral Agreement with Compass Insurance and BBVA Compass. The acquired business generated approximately $26.7 million in revenues in 2011. Terms of the transaction were not disclosed.
The Joint Referral Agreement will provide BBVA Compass clients with access to expanded insurance and related products and services and give USI access to a larger client base. BBVA Compass will retain the BBVA Compass Insurance Agency, Inc. entity and name to support its developing retail insurance strategy exclusively focused on personal lines of insurance for individuals and employee benefit insurance for small businesses under 20 lives.
Commenting on the acquisition, Michael J. Sicard, USI's chairman, president and CEO, said: "This business and team are a great complement to our existing offices in Texas and the entire USI Southwest region. As the preeminent middle-market insurance brokerage in the Southwest area, we look forward to having this strong team join our organization and on the successful execution of the Joint Referral Agreement with Compass Insurance and BBVA Compass. ”
“USI’s experience and tools, as well as its national footprint, will enable our mutual commercial clients to continue to enjoy quality service while also offering them a wider array of customized solutions,” said Rafael Bustillo, Commercial Banking Executive for BBVA Compass. Moving forward, BBVA Compass will leverage its retail distribution network to provide access to personal lines of insurance, such as auto, homeowner, life insurance and other related products.” “The Joint Referral Agreement – combined with our new retail distribution model – aligns with our goal of becoming the best universal bank in the U.S.”
John Collado, USI’s Southwest CEO, said: "We expect USI and Compass Insurance clients to benefit through enhanced products and expanded service offerings. I am pleased to officially welcome this team of professionals to the USI team."
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates more than 712 branches including 374 in Texas, 93 in Alabama, 78 in Arizona, 65 in California, 45 in Florida, 36 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the nation’s leading Small Business Administration (SBA) lenders, earning ‘Lender of the Year’ honors in 2009 and 2010. Additional information concerning BBVA Compass can be found on our website www.bbvacompass.com.
BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading Euro zone banks in terms of ROE and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes.
About USI Insurance Services
Founded in 1994, USI is a leading distributor of property and casualty and employee benefits products to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 74 offices in 23 states. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co. Additional information about USI may be found at www.usi.biz.