USI acquires Best Insurance Company from Florida

Insurance Company standards financial federal reserve

The Insurance services firm has now purchased the homeowners, auto, motorcycle, watercraft and boat insurer.

USI Insurance Services has now revealed that it has acquired the Best Insurance company, which is headquartered in Tamarac, Florida, and sells a range of different types of coverage within the state.

The Best Insurance sells several different kinds of coverage to customer in Florida, North and South Carolina and Georgia.

The terms of the purchase of the insurance company had not been disclosed at the time of the writing of this article. The Best Insurance sells several forms of policy, including those for watercraft, boat, motorcycle, auto, and homeowners insurance coverage. According to the USI Southeast regional chief executive officer, James W. Dunn, the acquisition of Best will help them to bolster their presence in the southeastern United States, where it is continuing to make a considerable investment.

The insurance company will also gain broader access to various types of insurance lines.

Insurance Company revenue report acquisitionBest Insurance customers will soon be able to obtain access to a notably larger suite of products. The insurance products it will have within its reach will include personal risk, property-casualty, and employee benefit, as well as retirement products and services and employee benefits. This will be open to them through a national insurer, said Barry R. Sokoloff, the Best Insurance president.

This acquisition is only the latest in a growing trend that is occurring across the company, as insurers fuse with one another and change the face of the current American insurance industry. While insurance companies feel that this is opening up a range of different opportunities, there are also some who feel that this is shrinking the competition in the market and that it may eventually drive premiums skyward. That has been a considerable complaint in the health insurance market, particularly among those participating in the exchanges.

USI is an insurance company and financial services firm based on Valhalla, New York. It currently records over $1 billion in revenues and employs over 4,400 professionals. At the moment, it boasts almost 140 different local offices across the United States from which those professionals operate.

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