USI Holdings closes acquisition of Humanex
The acquisition is expected to contribute approximately $2.5 million in revenue to USI on an annual basis. USI Holdings provides specialty property and casualty insurance and financial services such as employee benefits outsourcing. In buying Humanex, the company aims to strengthen its presence in north California. David L. Eslick, chairman, president and CEO of USI, said, "Humanex has consistently served small and middle market clients in the San Francisco area by creating one point of contact for Human Resource Compliance, HR Consulting, Employee Benefits Administration, Payroll and Employee Benefits Insurance. By combining Humanex with USI's existing San Francisco operation, we can better serve our existing clients and to continue to attract new business." Humanex has provided human resources and employee benefit insurance products to small and middle market companies, primarily in the San Francisco Bay area since 1958. Precise terms of the transaction have not been disclosed.