December 27, 2014 7:01 PM ET

Insurance

Company Overview of USI Holdings Corporation

Company Overview

USI Holdings Corporation offers property and casualty insurance and employee benefits products and services. The company provides individual and group health, life, and disability insurance products and services. Additionally, it offers retirement and wealth management products. The company was founded in 1994 and is based in Briarcliff Manor, New York. USI Holdings Corporation operates as a subsidiary of USI Inc.

555 Pleasantville Road

Suite 160 South

Briarcliff Manor, NY 10510

United States

Founded in 1994

3,018 Employees

Phone:

914-749-8500

Fax:

914-749-8550

Key Executives for USI Holdings Corporation

Chairman
Age: 44
Co-President and Chief Operating Officer of Retail Brokerage Division
Age: 43
President of USI Midwest's Commercial Division
Chief Financial Officer and Senior Vice President - Corporate Development
Age: 57
Regional Chief Executive Officer of California
Age: 59
Compensation as of Fiscal Year 2014.

USI Holdings Corporation Key Developments

Lexington Insurance Co., USI Insurance Services L.L.C. and USI Holdings Provide Legal Update

The Ninth U.S. Circuit Court of Appeals held that a hospital failed to plead a negligent misrepresentation claim against a professional liability insurer. Medical Staffing Network contracted with Multicare Health System to provide the hospital with temporary nursing staff. Pursuant to that contract, Medical Staffing gave Multicare a certificate of liability insurance issued on behalf of Lexington Insurance Co. by USI Insurance Services L.L.C. and USI Holdings (collectively, USI). The certificate provided that Medical Staffing had a professional liability insurance policy that provided up to $5 million of coverage. It did not provide, however, that the professional liability policy was subject to a $1 million self-insured retention. Multicare sued Lexington and USI, alleging the failure to include the $1 million self-insured retention on the certificate was a material misrepresentation on which Multicare relied to its detriment. Multicare became liable for a $785,000 malpractice award that resulted from a suit against a Medical Staffing nurse on contract with Multicare. The award was within Medical Staffing's self-insured retention, but Medical Staffing went bankrupt and did not pay it. The district court dismissed Multicare's claim, but allowed supplemental briefing on whether Multicare should be granted leave to amend its complaint. After reviewing that briefing, the court dismissed the complaint with prejudice, concluding that "any amendment would be futile." Multicare appealed. The Ninth Circuit affirmed the district court's judgment. Under Washington law, a defendant is liable for negligent misrepresentation when it makes an affirmative misrepresentation or negligently fails to disclose information when it has a duty to do so. The Ninth Circuit noted Multicare's complaint did not contain sufficient facts to state a claim for affirmative misrepresentation. It did not claim that any information contained in the certificate was false; it simply alleged the self-insured retention should have been included and was not. The Ninth Circuit noted the complaint did not contain sufficient facts to state a claim for negligent failure to disclose information. Under Washington law, a duty to disclose information arises if imposed by a fiduciary or other similar relationship of trust or confidence or, if necessary, to prevent a partial or ambiguous statement of facts from being misleading. Here, the defendants were not in a fiduciary or quasi-fiduciary relationship with Multicare.

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