USI Insurance Services, a portfolio company of Goldman Sachs Capital Partners, has acquired Suncoast Insurance Associates, a professional liability insurance brokerage.
Suncoast Insurance Associates (SIA) is an insurance brokerage operation that provides the design, delivery and servicing of professional liability insurance programs for more than 1,500 Florida-based professional firms including architects & engineers, lawyers, CPA’s, and environmental consultants. The company was founded in 1975 and is based in Tampa, FL (www.sunoastins.com).
“For almost four decades, Suncoast Insurance Associates has been the “go-to” insurance agency for the design firm marketplace in Florida. In addition to architects and engineers, Suncoast has growing practices providing professional liability for healthcare, technology, accounting and law firms. SIA’s deep strong relationships are a perfect match for USI’s strategy of providing custom insurance solutions for growing industry verticals. With this acquisition, USI has bolstered its growing national footprint in professional liability, with significant practices in the Northwest, Southwest, Midwest and now Southeast,” said James Dunn, USI’s regional CEO for Southeast.
USI is a distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI was founded in 1994 and is headquartered in Briarcliff Manor, NY, and operates out of 81 offices in 24 states (www.usi.biz.).
GS Capital Partners is the private equity vehicle through which Goldman Sachs conducts its large, privately negotiated, corporate equity investment activities and is currently investing through its sixth fund. GS Capital Partners focuses on large, sophisticated business opportunities in which value can be created through leveraging the resources of Goldman Sachs (www.gs.com/pia).
