BISYS, a leading provider of business process outsourcing solutions for the financial services sector, today announced its acquisition of St Louis-based Uhlemeyer Services, Inc., a leading managing general agency (MGA) serving the commercial property and casualty (P&C) insurance marketplace, and a recognized leader in distributing and servicing workers’ compensation insurance programs.
This acquisition complements BISYS' March 2003 acquisition of California-based Tri-City Brokerage, which marked its strategic entrance into the commercial P&C marketplace, and the November 2003 acquisition of Florida-based USA Insurance Group.
The acquisition of Uhlemeyer Services enhances BISYS’ commercial P&C product offering, immediately increases its geographic reach, and further expands the MGA platform significantly expanded with the USA Insurance Group acquisition.
Founded in 1988, Uhlemeyer Services works with leading P&C insurance carriers to develop workers' compensation products that are distributed by a network of more than 400 retail agents primarily located in the Midwest. Consistent with all of BISYS' insurance products, the insurance carriers manufacture the workers' compensation products and assume the underwriting risk and full responsibility for the policy benefits. During calendar year 2003, Uhlemeyer Services generated more than $50 million in policy premiums and historically generates high renewal rates.
According to Dennis Sheehan, president and chief executive officer of BISYS, "The acquisition of Uhlemeyer Services supports our growth strategy in the commercial P&C marketplace, and increases our market presence and potential with the opportunity to support the network of more than 400 additional retail agents the firm currently serves. Acquiring Uhlemeyer also broadens our product offering with leading workers' compensation products, which we expect will generate significant cross-sale opportunities, and complements the operating platform established with our first two acquisitions in this industry segment."
John Hahn, president of BISYS Commercial Insurance Services, said, "We are excited about our growing presence in the commercial P&C market, our expanded product line, and the growth potential generated by the opportunity to support a national network that now includes approximately 2,700 retail brokers and agents who have worked with BISYS to generate approximately $1 billion in gross written premium during the past 12 months."
Gary Uhlemeyer, founder and president of Uhlemeyer Services, said, "Joining BISYS provides the opportunity to expand our regional distribution network by leveraging BISYS' national distribution platform. We also expect that the retail agents we currently support will welcome access to BISYS' broad offering of commercial P&C products, including complicated casualty risks, commercial and habitational real estate, high-limit property catastrophe, director and officer liability, errors and omissions liability, employment practices liability, and specialty products for the transportation industry. We welcome the opportunity to become a strategic component of BISYS’ full-service solution for the evolving needs of commercial P&C brokers and agents."
Uhlemeyer Services will operate as part of BISYS Commercial Insurance Services, and maintain its office in St Louis, Missouri.