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USI Insurance Services Acquires David M. Banet & Associates, Inc.

VALHALLA, N.Y., Sept. 26, 2017 /PRNewswire/ -- USI Insurance Services ("USI") announced today the closing of David M. Banet & Associates, Inc. ("Banet"), a leader in benefits consulting and administration, human capital management, and insurance brokerage and consulting services. Banet will combine with Emerson Reid, USI's employee benefits wholesale brokerage division. This acquisition further strengthens Emerson Reid's position as the largest wholesale employee benefits General Agent in the northeast region. Employees will continue to work out of Banet's Exton, Pennsylvania, and Wilmington, Delaware, office locations. Terms of the transaction were not disclosed.

Formed in 1995, Banet offers advanced technology and innovative services to support brokers in delivering consultative, employee benefits solutions to their clients. The firm is the developer and exclusive provider of the Beny System®, a comprehensive, human resources and benefits consulting program that enhances benefit administration.

Arthur W. Hall, USI senior vice president and employee benefits practice leader, said, "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. 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. I am excited to welcome David and his team to Emerson Reid, and I look forward to partnering with them to deliver unparalleled service and support to our brokers."

David M. Banet, president of Banet, said: "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. 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."

About USI

USI is a leading local and national insurance brokerage and consulting firm, delivering property and casualty, employee benefits, personal risk and retirement solutions throughout the United States. Headquartered in Valhalla, New York, USI has over $1.0 billion in revenue, employs more than 4,400 professionals and operates out of 140 local offices serving every state. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit usi.com.

About Emerson Reid, LLC

Emerson Reid, LLC, in business since 1974, is a true wholesale general agent that has grown to over 275+ employees in nine offices. The company manages over $3.5 billion in insured premium and more than 450,000 medical lives on behalf of our broker-partners. Its strategy is to differentiate brokers from their competition through the introduction of new and innovative programs while providing the tools, knowledge, and support necessary to expand and protect their business. For more information visit: www.emersonreid.com.

Contact:

Contact:

Edward J. Bowler

Cecile M. Locurto

USI Insurance Services

USI Insurance Services

914-749-8504

914-747-6331

ed.bowler@usi.com

cecile.locurto@usi.com

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SOURCE USI Insurance Services