- Overview
- Overview
- Investment DateJune 2017
- Lead InvestorKKR
- RegionUnited States
- SectorFinancial Services
- Percent of Fair Value5%
-
Key Theme
Low Cyclicality
- Visit WebsiteUSI
$62.0m
Value of Investment
Insurance brokerage and consulting services
Company Description
Investment Thesis
- Favourable industry dynamics
- Attractive financial profile and high-quality cash flow
- Ability to grow organically and through M&A
- High-quality management team and sponsor
Investment Overview
USI is a leading provider of insurance and employee benefit brokerage services to middle-market clients across the US. The company employs more than 8,000 associates in approximately 200 offices across the US. USI has more than 150 years of consulting and brokerage experience through acquired agencies. Today, USI is approaching $2 billion in revenue.
The Manager was attracted to the favourable and stable industry dynamics as insurance is typically a non-discretionary product. In addition, the majority of the middle-market is serviced by small agencies in a highly fragmented industry, which the Manager believes provides opportunities for market share growth and consolidation.
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