A private-equity firm is snapping up a large player in the property-casualty and employee benefits insurance markets.
GS Capital Partners, an affiliate of Goldman Sachs Group Inc., New York, has agreed to acquire USI Holdings Corp., Briarcliff, N.Y., for $993 million and to pay back about $400 million in USI debt.
The companies hope to complete the deal by June 30, USI says.
Investors greeted the deal announcement by increasing the price of USI’s stock to $16.55 per share at the close of trading today, from $15.55 at the close of trading Friday.
USI was founded in 1994 and now has 68 offices in 19 states and 3,000 employees. Company executives announced an interest in going private in late 2006.