For Immediate Release
Contact:
Michael Fletcher
Hales & Company
212-592-5710
mfletcher@halesgroup.com
Hales Represents Leading Long Island Insurance Broker in Sale to USI
NEW YORK, N.Y., January 03, 2007 - Hales & Company announces its first transaction of 2007 with the successful representation of Sammis, Smith, & Brush, Inc. in its sale to USI Holdings Corporation (NASDAQ: USIH). Sammis, based in Woodbury, NY provides property & casualty insurance products and services to businesses and individuals throughout the Long Island and New York Metro area. Sammis is expected to contribute approximately $7.5 million of revenues to USI on an annual basis.
Commenting on the transaction, Scott T. Sammis, President, Sammis, Smith, & Brush, Inc. said, “Hales’ experience and expertise in the insurance brokerage sector allowed us to find a perfect new partner in USI Holdings Corporation and negotiate a transaction that meets both our strategic and financial needs.”
About Hales & Company
Hales & Company is one of the oldest and most experienced investment banking firms specializing in the insurance and financial services industries. Founded in 1973, the firm has evolved from its traditional roots in research and consulting to insurance agents and brokers into a multi-faceted investment banking and advisory organization.
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