USI Holdings Corporation, based in Briarcliff Manor, N.Y., announced the acquisition of Austin, Texas-based Frank Siddons Insurance.
The acquisition of this surety and commercial lines broker is expected to contribute approximately $2.5 million in revenue to USI on an annual basis. Terms of the transaction were not disclosed.
Commenting on the acquisition, John D. Collado, regional chief executive officer, USI Southwest Region, said, “The completion of this transaction further adds depth and expertise to our surety and construction capabilities within the Southwest Region. The Siddons family has been providing insurance services to the Austin community since 1946. We are pleased that Bob and his team have agreed to join USI and we welcome their clients to the USI family.”
Robert C. (Bob) Siddons, president, Frank Siddons Insurance added, “For nearly 40 years, the Siddons team has been serving Austin clients by bringing them quality solutions. By joining USI, we can now offer a wide variety of products and services to these clients. We are pleased to have the opportunity to make national offerings available to our clients without compromising the personal attention that we are committed to delivering.”
Source: USI Holdings
Topics Mergers & Acquisitions Texas
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