USIH Usi Hldgs Corp (MM)

USI Holdings Corporation (NASDAQ: USIH) today announced the acquisition of Austin, TX-based, Frank Siddons Insurance. The acquisition of this surety and commercial lines broker is expected to contribute approximately $2.5 million in revenue to USI on an annual basis. Terms of the transaction were not disclosed. Commenting on the acquisition, John D. Collado, Regional Chief Executive Officer, USI Southwest Region, said, "The completion of this transaction further adds depth and expertise to our surety and construction capabilities within the Southwest Region. The Siddons family has been providing insurance services to the Austin community since 1946. We are pleased that Bob and his team have agreed to join USI and we welcome their clients to the USI family." Robert C. (Bob) Siddons, President, Frank Siddons Insurance added, "For nearly 40 years, the Siddons team has been serving Austin clients by bringing them quality solutions. By joining USI, we can now offer a wide variety of products and services to these clients. We are pleased to have the opportunity to make national offerings available to our clients without compromising the personal attention that we are committed to delivering." This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial and operating performance of USI resulting from and following the acquisition. These statements are based on management's current expectations and are inherently subject to uncertainties and changes in circumstances. Detailed information about the factors that could cause actual results to differ materially from those described in the forward-looking statements is contained in USI's filings with the SEC. Some of those factors include matters analyzed in the due diligence process, material adverse changes in the clients of the acquired company, and substantial delay in the expected closing of the transaction. All forward-looking statements included in this press release are made only as of the date of this press release, and USI does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which USI hereafter becomes aware. About USI Holdings Corporation Founded in 1994, USI is a leading distributor of insurance and financial products and services to businesses throughout the United States. USI is headquartered in Briarcliff Manor, NY, and operates out of 68 offices in 19 states. Additional information about USI may be found at www.usi.biz.