USI Holdings Corporation is selling its San Antonio, Texas,wholesale insurance operation to CRC Insurance Services Inc., awholesale brokerage firm.
|In an 8-K filing with the Securities and Exchange Commissionyesterday, the Briarcliff Manor, N.Y.-based insurance brokeragefirm said it completed its sale of Vista Insurance Partners Inc. toCRC on July 1, for $5 million.
|CRC is a subsidiary of BB&T Corporation, a financialservices company based in Winston-Salem, N.C.
|Vista was acquired in its purchase of Summit Global Partners inFebruary. USI said it sold Vista because it did not feel theoperation fit in with its long-term strategy.
|The firm also revealed, in the same filing, that on June 30 itapproved a plan to sell two operations==one a retail brokerageoperation in El Dorado Hills, Calif., and the other an executivebenefits operation in Woburn, Mass.
|USI said it expects to record a loss on disposal estimated at $3million and $4.5 million, respectively, before taxes, in the secondquarter of 2005.
|Combined, the operations to be sold are expected to haverevenues of approximately $4 million and a net loss before incometaxes of approximately $3 million in 2005.
|In December, USI said it planned to dispose of threeunderperforming operations. In January, it sold its Ocala, Fla.,office to insurance broker Brown & Brown.
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