USI Insurance Services acquires Employee Benefit Concepts

Insurance brokerage, risk management, and employee benefits consulting firm USI Insurance Services (USI) has announced its acquisition of New York–based Employee Benefit Concepts.

The acquisition is USI’s third this year. The firm – one of the world’s largest insurance brokerage and consulting firms in the world – in May acquired retirement, risk management, and benefit consulting firm Chernoff Diamond, and in February purchased property and causality, benefit, and personal risk brokerage firm GFI Insurance Brokerage.

According to an article by Employee Benefit Adviser – itself citing a report by Optis Partners – the insurance brokerage industry last year saw the highest number of acquisitions in its history, with 626 business purchases, topping 2017’s 611. There were 151 acquisitions in the first quarter of 2019 – one more than 2018’s first quarter, during which 150 acquisitions were completed.

“We are pleased to welcome the talented professionals from Employee Benefit Concepts to the USI family,” Joseph J. Fico, USI’s New England regional CEO, said. “By joining as one, we will continue to deliver a superior level of service and support to clients throughout western New York and beyond.”

Employee Benefit Concepts is one of the largest employee benefits consulting and human capital management firms in western New York. Under the terms of the acquisition, payroll and HR services employees will continue operating under the existing Employee Benefit Concepts brand. Existing clients of Employee Benefit Concepts will gain access to USI’s technology, platforms, and other services.

“This partnership marks an exciting milestone for our firm,” Christopher J. Fiorello, president of Employee Benefit Concepts, said. “By joining forces with USI, our clients will continue to have the opportunity to work with the talented team of local experts that we have assembled and have access to an expanded suite of industry-leading tools, solutions and expertise available through the USI One Advantage."

USI One Advantage is an interactive, customized platform that offers solutions to risk management and employee benefit issues, as well as information regarding those solutions’ financial impact. “One” stand for “Omni Network Enterprise,” with each word respectively referring to USI’s proprietary analytics, local, and national resources, and solution customization. It provides knowledge and experience from more than 150,000 clients, and creates a network of more than 6,000 professionals, allowing for connection, collaboration, and integration.