USI Insurance Services has announced the acquisition of David M. Banet & Associates, a firm specializing in benefits consulting and administration, human capital management and insurance brokerage and consulting services. Terms of the transaction were not disclosed.
The acquisition solidifies USI’s position as the largest wholesale employee benefits general agent in the Northeast. Banet will combine with Emerson Reid, USI’s employee benefits wholesale brokerage division and Banet employees will continue to work out of the company’s Pennsylvania and Delaware offices.
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“Our primary goal is to grow and protect our clients’ businesses by becoming an extension of their employee benefits programs through invaluable tools, knowledge and support,” said Arthur W. Hall, USI senior vice president and employee benefits practice leader. “With this acquisition, we are able to combine Banet’s advanced technology, innovative benefits and brokerage services with Emerson Reid’s suite of client services, specialty products, carrier expertise and vendor partnerships.”
“We are excited to join Emerson Reid and combine our resources to best position our broker partners for success as the employee benefits market continues to grow in complexity and increased competition from non-traditional benefit companies,” said Banet President David M. Banet. “For more than 20 years, we have been cultivating strong, long-term relationships with our clients by doing what we promise and delivering excellent value. Our brokers will now have access to Emerson Reid’s specialized departments, sophisticated marketing technology, and in-depth healthcare reform and compliance resources.”
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