USI Insurance Services (USI) has acquired Hanratty & Associates, Headquartered in Plymouth, Minnesota, Hanratty & Associates has been providing employee benefits and consulting for nearly 40 years.
The employees will remain at their current Plymouth location. Terms of the transaction were not disclosed.
Michael J. Sicard, chairman, president and CEO of USI, said: "As an award winning insurance agency, Hanratty & Associates is known for taking the personal approach to delivering outstanding employee benefits solutions and healthcare expertise to their clients.
"Minnesota is a strategic area where USI is looking to invest, expand and grow, and Justin and his team foster a culture and value system which are very similar to ours.
"We call it the USI ONE Advantage® – a game-changing value proposition that delivers to clients a robust set of risk management and benefit solutions with bottom line financial impact. I am excited to be welcoming such a dynamic group of insurance professionals and look forward to expanding in this important marketplace."
Justin T. Hanratty, CEO of Hanratty & Associates, Inc., said: "We pride ourselves on being knowledgeable, innovative and service minded professionals. Our clients love our dedication to exceptional service along with our commitment to serve employees and the communities in which we work.
"These strong relationships and values are a perfect match with USI’s principles, and through this acquisition our clients will continue to enjoy our high-touch, local service, as well as now having access to USI’s full suite of insurance brokerage and consulting solutions.
"We are pleased to be joining USI, and I look forward to leveraging our combined strengths to cultivate new and current client relationships."
Donald McG. Woods, USI Mountain regional chief executive officer, said: "Hanratty & Associates’ ability to deliver high quality, cost effective employee benefit solutions closely align with USI ONE. Our new partner will help us to accelerate our expansion efforts throughout Minnesota and we couldn’t be more pleased to have Justin and his talented team of professionals join our growing family."
USI is a leading local and national insurance brokerage and consulting firm, delivering property and casualty, employee benefits, personal risk and retirement solutions throughout the United States.
Headquartered in Valhalla, New York, USI has over $1.0 billion in revenue, employs more than 4,400 professionals and operates out of 140 local offices serving every state.