- Acquisition of Midwestern Managing General Agency Continues BISYS' Strategic
Expansion in Commercial Property/Casualty Insurance Marketplace -
NEW YORK, Jan. 12 /PRNewswire-FirstCall/ -- 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.
About BISYS Commercial Insurance Services
BISYS is the nation's second largest independent wholesale distributor of
commercial property/casualty (P&C) insurance, linking a national network of
approximately 2,700 retail brokers and agents with the products provided by
approximately 60 leading P&C insurance carriers. BISYS supports the
distribution process for a wide range of specialized P&C insurance solutions,
including customized coverage for complex P&C risks, commercial and
habitational real estate risks, product liability, high-limit property
capacity and property catastrophe, directors' and officers' liability, errors
and omissions liability, and employment practices liability with access to
domestic and international insurance companies, access to experienced
wholesale brokerage specialists, customized insurance products, and
sophisticated system capabilities. Acting as a managing general underwriter
for numerous P&C carriers and re-insurance companies, BISYS also develops and
distributes specialty insurance programs, primarily for the transportation
industry, and workers' compensation products by matching insurance needs and
market opportunities with the appropriate coverage. During its fiscal year
2003 (ended June 30th), BISYS' distribution platform supported the sale of
commercial P&C insurance representing approximately $1 billion in premiums.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 370 clients,
representing approximately 2,100 mutual funds, hedge funds, private equity
funds, and other alternative investment products with approximately $700
billion in assets under administration. BISYS' largest group also provides
retirement services to more than 17,000 companies in partnership with 40 of
the nation's leading banks and investment management companies, and offers
analytical research and competitive intelligence through its Financial
Research Corporation (FRC) subsidiary. Through its Insurance and Education
Services group, BISYS is the nation's largest independent distributor of life
insurance and the premier provider of the support services required to sell
traditional and variable life, long-term care, disability, and annuity
products. BISYS is also the nation's second largest independent wholesale
broker of commercial property/casualty insurance. This group complements its
insurance distribution services with a comprehensive compliance management
solution that supports insurance and investment firms and professionals with
more than 215 certification and continuing education training courses, and a
sophisticated suite of products and services that automates the entire
licensing process. BISYS' Information Services group supports approximately
1,450 banks, insurance companies, and corporations with industry-leading
information processing and imaging solutions, turnkey asset retention
solutions, and specialized corporate banking solutions. Additional
information is available at http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting the Company's operations, markets, services and related
products, prices and other factors discussed in the Company's periodic filings
with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Dennis Sheehan, President and Chief Executive
Officer of The BISYS Group, Inc., +1-212-907-6081
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