2010 | Press Release

Feb 19, 2010 – USI Insurance Holdings to acquire certain offices of National City Insurance from PNC Financial Services Group

USI Holdings Corporation to Acquire Offices of National City Insurance Group in
the States of Ohio, Kentucky, and Missouri
BRIARCLIFF MANOR, N.Y., February 19, 2010 – USI Holdings Corporation (“USI”),
announced today that it has signed a definitive agreement to acquire the retail
employee benefit insurance brokerage offices in the states of Ohio, Kentucky, and
Missouri of National City Insurance Group, Inc. (“National City Insurance”) from The
PNC Financial Services Group, Inc. National City Insurance is expected to contribute
approximately $13.0 million in revenues to USI on an annual basis. The closing of the
transaction, which is subject to certain conditions, is expected on or around the last
week of February 2010. Terms of the transaction were not disclosed.
Michael J. Sicard, USI’s chairman, president and CEO, said, “Through this acquisition,
we expect to expand and strengthen our Midwest Regional Operation by adding a
significant footprint in Louisville, St. Louis, and Cleveland. The National City
Insurance professionals are aligned in our focus on growing the business and exceeding
our client’s expectations.”
Thomas D. Cassady, USI’s Midwest Regional CEO, said, “I am pleased to officially
welcome the National City Insurance team and look forward to working together with
them to benefit our clients through expanded insurance expertise. We expect this
combination will strengthen our Midwest Region with expanded scale and scope.”
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 76 offices in 21 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.
Mystic Capital Advisors Group, LLC represented PNC Financial Services Group, Inc. in the
deal.

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