It would appear that US insurance brokerage USI Insurance Services will soon be up for sale – with a cool price tag set at around $4 billion.
Earlier today,
Reuters reported that Canadian private equity firm Onex Corporation is exploring the possibility of a sale, quoting people “familiar with the matter”.
Onex originally acquired USI back in 2012, purchasing it for $2.3 billion from Goldman Sachs Group’s private equity firm. The company is among the leaders in the USA for property casualty, personal risks services, retirement and specialty solutions with 140 offices across every US state and more than 4,400 people employed. Its annual revenue is in excess of $1 billion.
Should the sale go ahead – and according to the report Onex is working with Bank of America on a possible auction – it would continue a wave of consolidation throughout the sector which has not grown at a sufficient enough rate to support a host of smaller brokerages.
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