Insurance brokerage USI Insurance Services (USI) has today announced the acquisition of Reynolds & Reynolds, Inc., a Des Moines, Iowa-based independent risk management and employee benefits agency.
Founded in 1976, Reynolds & Reynolds serves businesses and individuals throughout Iowa and nationally. The deal gives USI – one of the largest brokers in the world, with 8,000 professionals in approximately 200 offices serving clients’ local, national and international needs – a chance to grow its local presence in Iowa and the Midwest.
“We’re excited to partner with the exceptional professionals and clients of Reynolds & Reynolds, while introducing a local Iowa-based presence for USI,” said Michael J. Sicard, USI’s chairman and CEO. “We look forward to leveraging our combined strengths to continue Reynolds & Reynolds’ longstanding focus on building long-term client relationships with now an even further expanded suite of innovative risk management and employee benefit solutions.”
Reynold & Reynolds president, Stanley J. Reynolds, commented on the partnership: “Over the last 45 years, we’ve worked hard to deliver an unparalleled level of personalized service and innovative solutions for our valued clients. Through our partnership with USI, we look forward to continuing this longstanding tradition of delivering exceptional service to businesses and individuals throughout Iowa and beyond, backed by USI’s best-in-class solutions.”
USI’s regional CEO, Donald McG. Woods, said he was “thrilled” to welcome Reynold & Reynolds to USI. He added: “Together, we remain committed to delivering an unmatched level of service and expertise for our current and future clients by leveraging the USI ONE Advantage®, a unique platform that delivers innovative risk management and employee benefit solutions with bottom-line financial impact.”
Terms of the transaction were not disclosed.