USI Holdings Corp., a distributor of insurance and financial products to businesses, announced Tuesday the closing of the acquisition of Cranston-based Benefits Unlimited. The acquisition is expected to contribute approximately $2.5 million of revenue on an annual basis to USI, based in Briarcliff Manor, N.Y. Terms of the transaction were not disclosed.
For more than 20 years, Benefits Unlimited has been providing employee benefits consulting services as well as compliance and human resource consulting to middle market companies. The company is currently one of the largest middle market providers of health, dental, group life, group long-term disability and other employee benefits in southern New England.
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David L. Eslick, chairman, president and CEO of USI, said in a release: “By combining Benefits Unlimited with USI’s Rhode Island operation, we are very well-positioned to serve the entire southern New England region. Benefits Unlimited has been delivering benefits solutions to southern New England for over 20 years and the combination of our national resources and their local expertise will enable us to continue our unparalleled service to existing clients while enabling us to attract new business to ultimately achieve our cross-selling and organic growth goals.”
Wayne M. Damato, principal of Benefits Unlimited, added: “We have always been committed to providing the highest quality products and service to our clients using innovative solutions and technologically advanced tools. Joining with USI will enable us to continue to deliver results to our clients with the backing of a national network. We are pleased to have the opportunity to share our employee benefits and human resources expertise with USI’s clients in the southern New England area. We look forward to working with USI to bring the highest quality products and services to all our current and potential clients.”
USI operates out of 80 offices in 18 states.
