USI Insurance Services has completed the purchase of Hunt Valley, Md.-based Richard J. Princinsky & Associates (RJP). Terms of the deal were not disclosed.
The acquisition gives USI a foothold in the Maryland employee benefits market and increases its depth as an employee benefits brokerage firm in the mid-Atlantic region as well as nationally, according to the Briarcliff Manor, N.Y.-based firm. It currently has approximately 100 offices nationwide.
Richard Princinsky
RJP offers corporate and non-profit clients such products and services as employee benefits programs, strategic planning, regulatory compliance, human resources support, corporate wellness solutions, custom benefits communications and retirement plan services. It has been in business since 1976.
Richard J. Princinsky, president and owner of RJP, will remain with the company along with his staff of nearly 40 individuals.
“RJP’s strong relationships are a perfect match for USI’s consultative approach of providing custom insurance solutions in the middle market space,” said Princinsky. “Through this partnership, our clients will have access to USI’s full suite of customized risk management and benefit products while enjoying the high level of service that they have come to expect.”
John J. Micale, president of USI’s Washington, D.C. metro operations, said the acquisition fits well with USI’s strategy.
“Our new partner will significantly accelerate our current expansion into healthcare reform navigation, strategic benefits planning and wellness solutions for our mid-Atlantic clients,” he said.
In September, USI bought Alliance Benefit Solutions in Shelton, Conn. USI was acquired in 2012 by private equity investment firm Onex Corp., which is headquartered in Toronto.
USI acquires Maryland employee benefits agency via IFAwebnews.com .
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