We had a fantastic webinar series with The Wagner Law Group where our experts discussed how to successfully navigate the pension plan termination process from beginning to end. If you weren't able to attend the webinar, you can learn how to prepare and implement the process from the recordings linked below:

• Session 1: Understanding and preparing for distress, involuntary and standard plan terminations — click here to watch the session 1 recording
• Session 2: A step-by-step guide to implementing a plan termination — click here to watch the session 2 recording

We had a great webinar with USI’s Executive & Professional Risk Solutions team as we discussed, “Mastering Fiduciary Fundamentals: Navigating Responsibilities and Risks,”. Our experts discussed fiduciary best practices and solutions to help employers navigate their responsibilities and mitigate risk.

If you weren't able to attend the webinar, you can learn how to address complex fiduciary responsibilities and protect yourself and your organization from potential liability by watching the recording here.

We had a great webinar with an esteemed panel of industry experts as they discussed the evolution of fixed income allocations in pension plans and the resulting opportunities and risks to a plan’s funded status as well as how a dedicated cash balance strategy can support a pension plan. 

• Vijendra Nambiar, Pension and Investment Solutions Strategist at PIMCO
• Anne Greenwood, CFA, Investment Director, Liability Driven Investing at Wellington Management
• James So, Product Specialist at Western Asset

If you weren't able to attend the webinar, you can watch the recording here.

We are excited to share a new on-demand webinar focused on the key SECURE 2.0 Act provisions impacting non-ERISA retirement plans maintained by governmental employers (including tribal governments) and religious organizations who have not elected to be covered under ERISA.

Watch the webinar to gain insights from our team of experts and learn how these requirements may affect your organization and employees.

Navigating the risks associated with a defined benefit pension plan can be complex and difficult. The rise in interest rates has made purchasing annuities much less expensive and an increasingly popular way to manage pension plan risk and reduce costs.

You can view the recording of the webinar here to learn about the important details employers should consider when purchasing annuities for pension plans.

As student loan debt continues to impact millions of Americans, USI Consulting Group (USICG) experts hosted an informative webinar discussing the key student loan debt challenges, opportunities provided by the SECURE 2.0 Act and recent developments underway in Washington, D.C.

USICG is here to help employers navigate the most unique provisions of the Act and implement them into their employer-sponsored retirement plan to recruit and retain talent. If you weren’t able to attend the webinar, you can watch the recording of it here.

We are excited to share a new on-demand webinar focused on the key SECURE 2.0 Act provisions impacting defined benefit pension plans and what it means for your organization and employees.

Gain insights from our team of experts and learn how we can help you navigate the changes and mitigate risk by viewing the webinar here.

As we celebrate the retirement savings opportunities the SECURE 2.0 Act brings, we acknowledge that it also brings a lot of questions about the new requirements and how it may impact your organization and your employees.

We hosted an informative webinar in March to discuss key the requirements and enhancements and help employers navigate any necessary action steps. If you weren't able to attend the webinar, you can watch the recording of it here.

For any questions you may have regarding SECURE 2.0, please feel free to reach out us through our Contact Us page.

The American Heart Association’s (AHA) 2023 Workforce Well-being Scorecard results were recently announced, and USI once again achieved Gold level recognition for the sixth year in a row! Working in partnership with leading science and workforce well-being volunteers, the AHA has defined best practices for employers to use to build a culture of health equity and comprehensive organizational well-being programs for their workforces. This annual scorecard measures the extent to which a company has implemented those best practices. Read more.

TULSA, Okla. and VALHALLA, N.Y., Dec. 1, 2023 – BOK Financial Corporation (NASDAQ: BOKF) today announced the sale of its risk management and employee benefits insurance brokerage and consulting business offered through BOK Financial Insurance, Inc. to USI Insurance Services (“USI”), one of the nation’s leading insurance brokerage and consulting firms.

Headquartered in Denver, BOK Financial Insurance is a subsidiary of BOK Financial Corporation and a leading brokerage and consulting firm specializing in employee benefits and risk management programs. The company has additional offices located in Scottsdale and Oklahoma City. All of BOK Financial Insurance’s 45 employees will join USI following the sale.

“We are so pleased to transition the talented BOK Financial Insurance team to an environment where they can continue to deliver excellent service to our clients while having access to USI’s expanded set of tools, resources and expertise,” said Scott Grauer, wealth management executive for BOK Financial. “We look forward to a long relationship with USI as we help clients grow and protect their assets.”

Donald Woods, USI’s Regional CEO, added, “We are thrilled to welcome the clients and professionals from BOK Financial Insurance to the USI family. Together, we look forward to strengthening USI’s property and casualty, personal risk and employee benefits expertise in support of our current and future clients through this exciting partnership.”

Goldman Sachs served as financial advisors on the transaction and Frederic Dorwart Lawyers provided legal counsel to BOK Financial Corporation. Arnold & Porter provided legal counsel to USI.

About BOK Financial Corporation
BOK Financial Corporation is a $49 billion regional financial services company headquartered in Tulsa, Oklahoma, with $99 billion in assets under management and administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). In addition to BOK Financial Insurance, Inc., BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial^® in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

About USI
USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects over 10,000 industry-leading professionals across more than 200 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage^®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom-line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit usi.com or follow us on LinkedIn.

USI was recently named the 2023 Private Risk Management Association (PRMA) Diversity, Equity & Inclusion (DEI) Initiative of the Year award winner at the 10th annual PRMA Summit in Chicago! The DEI Initiative of the Year Award recognizes an initiative introduced within the past 18 months by any organization operating in the high-net-worth insurance and risk management industry that fosters a more diverse talent pool, enhances inclusive work environments, drives supplier diversity, or improves customer outreach. This award honors USI’s commitment to recruiting and retaining a more diverse workforce through our DEI training initiatives, creating new opportunities for incoming talent. Learn more.

USI is proud to be recognized as one of the nation’s Best and Brightest in Wellness. This annual program identifies and honors organizations with the most innovative wellness, wellbeing, and human resource practices. Companies are assessed based on outcomes, analysis, tracking, participation, incentives, benefit programs, leadership, employee input, culture, and environment. Read more.

USI Insurance Services (“USI”), a world leader in risk management, employee benefit and retirement plan consulting, today announced the acquisition of Honolulu, Hawaii-based Cavanah Associates, Inc. Founded in 1976, Cavanah Associates is an independent brokerage firm specializing in commercial and personal risk insurance programs. Terms of the transaction were not disclosed.

Commenting on the new partnership, Cavanah Associates President, Jim Cavanah, shared: “We are thrilled to be joining forces with an established industry leader such as USI, known for their best-in-class resources and industry expertise. Our valued clients throughout Hawaii will continue to benefit from the local, personalized services they have come to expect from Cavanah Associates, and we look forward to introducing them to USI’s expanded suite of innovative solutions and expertise with a continued focus on helping grow and protect their businesses and personal interests.”

USI’s Regional CEO, Chris Prentice, added: “This exciting partnership establishes a new Hawaii-based presence for USI, and we are excited to welcome Jim Cavanah, Chris Laniauskas and the entire team of professionals from Cavanah Associates. We look forward to advancing Cavanah Associates’ longstanding tradition of delivering innovative risk management solutions and expertise to clients leveraging the USI ONE Advantage^®, a proprietary platform integrating analytics, networked resources and strategic planning to deliver customized solutions with economic impact.”

About USI
USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. USI connects over 10,000 industry-leading professionals across more than 200 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage^®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom-line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit usi.com or follow us on LinkedIn.

USI was recently named an inaugural UiPath AI10 Award winner, an AI at Work leader, and one of the 10 most innovative UiPath customers at the 2023 Forward VI conference held in Las Vegas, NV. UiPath is a global software company that makes robotic process automation software. The UiPath AI10 Awards are an annual program designed to identify customers who are applying the company’s AI-powered automation platform in unique and valuable ways. Customers across the globe were invited to submit applications detailing how they have used UiPath to solve critical business challenges, generate significant ROI and impact, and accelerate innovation. The 10 winners were selected by a panel of expert judges for effectively articulating the business drivers, implementation, and results of their UiPath use case. This recognition honors the talented information technology professionals at USI who are leveraging AI-powered automation to solve critical business challenges and increase efficiencies. Read more.

USI Insurance Services (“USI”), a world leader in risk management, employee benefit and retirement consulting, today announced the impact of its 10th annual USI Gives Back campaign, an award-winning social responsibility program focused on supporting positive change in local communities. Throughout August and September, USI team members participated in 308 volunteer events, supporting local communities across the country. The combined impact of these volunteer initiatives positively impacted more than 204,000 lives, totaling over 14,500 hours of volunteerism. Additionally, 73 percent of this year's events supported one or more diverse or underrepresented groups.

“We are thrilled to share the positive impact our teams made through this year’s 10th annual USI Gives Back volunteer campaign,” stated Kim Van Orman, senior vice president and chief human resources officer for USI. “It is incredibly rewarding to see our team members across the country consistently embrace the spirit of this program, demonstrating their ongoing commitment to supporting the diverse needs and charitable causes within the local communities we serve.”

Michael Sicard, USI’s chairman and CEO, stated: “The spirit of our annual Gives Back community investment program is woven deep into our organization’s values and culture, representing a special time each year when our more than 10,000 team members throughout the country join together to refresh, rebuild, uplift, and support the local communities, people, animals and environments we are so passionate about. Thanks to all of our team members for their invaluable volunteer contributions and for making this year’s 10th annual campaign a tremendous success.”

For additional information on USI Gives Back, visit www.usi.com/community.

About USI

USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects over 10,000 industry-leading professionals from more than 200 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage^®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit usi.com or follow us on LinkedIn.

USI was recently named a Workplace Culture Innovation Honoree in PropertyCasualty360’s 2023 Insurance Luminaries program! This annual recognition program celebrates industry leaders, products, and programs that are helping to modernize and humanize the P&C industry. USI was recognized for the work done through the 2022 USI Gives Back campaign, which positively impacted over 250,000 lives and supported more than 5,400 animals through more than 13,200 volunteer hours. This recognition is a reflection of the dedication and passion of USI’s more than 10,000 team members, who give their time, talent, and treasure back to the local communities we serve each year. Learn more.

USI Insurance Services (“USI” or the “Company”), a leader in risk management, employee benefits and retirement consulting, today announced that existing shareholder KKR is making a new equity investment of more than $1 billion in the Company.

KKR and CDPQ acquired USI in 2017 in partnership with USI’s management and employees. Over the past six years, USI has successfully executed numerous growth initiatives and transformative acquisitions to extend its leadership position in insurance brokerage and consulting with a broad range of technology-enabled property and casualty, employee benefits, personal risk and retirement solutions. The USI team has more than doubled in size to over 10,000 team members across more than 200 offices. USI’s management and employees will retain their significant ownership in the Company going forward.

Under the terms of the agreement, KKR and USI will purchase shares of USI held by CDPQ and certain other investors; more than 50% of the shares held by CDPQ will be purchased in the transaction. Following the closing of the transaction, KKR will be USI’s largest single shareholder. 

“When we embarked on our journey with KKR and CDPQ, we shared a vision about the forces impacting our industry and a plan for USI to be a leading innovator in that transformation, combining world-class sponsorship and investment with our team of experts, differentiated solutions and technology,” said Michael Sicard, Chairman and CEO of USI. “The power of this strategic partnership has exceeded our expectations, and we are thrilled to be continuing our journey with the support of our long-term shareholders.

“Alongside KKR, a tremendous strategic partner in this investment journey, we have supported the growth of USI since 2017 – a unique and resilient company with an outstanding management team committed to offering best-in-class services to its clients,” said Martin Longchamps, Executive Vice-President and Head of Private Equity at CDPQ. “Our dynamic partnership has unlocked multiple opportunities and USI is well positioned to capitalize on its strengths and to continue creating value for all stakeholders.” 

“We are enormously proud of everything the USI team has accomplished and we have a high conviction in the opportunity ahead for this winning team and operating model as USI continues to innovate and scale,” said Chris Harrington, Partner at KKR. “Together with CDPQ we have supported significant investments in USI’s platform and technology that position USI for long-term growth. We are pleased to reach this agreement to increase our ownership with a substantial investment of additional long-term capital.”

KKR is making the additional investment commitment of more than $1 billion in USI through its core investments strategy. The transaction is expected to be completed by the end of 2023. Terms of the transaction were not disclosed.

About USI
USI is one of the largest insurance brokerage and consulting firms in the United States, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to its clients nationwide. Headquartered in Valhalla, New York, USI connects over 10,000 industry-leading professionals from more than 200 offices to serve clients’ needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage^®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom-line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit usi.com or follow us on LinkedIn.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com.

About CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2023, CDPQ’s net assets totalled CAD 424 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

###

Media Contacts:

USI Insurance Services:
Timothy Denton
+1 914-747-6339
timothy.denton@usi.com

KKR:
Miles Radcliffe-Trenner
+1 212-750-8300
media@kkr.com

CDPQ:
Conrad Harrington
+1 514-847-5493
charrington@cdpq.com   

USI is proud to be recognized as one of the nation’s Best and Brightest Companies to Work For. The national Best and Brightest competition identifies and honors organizations displaying a strong commitment to excellence in their HR practices and employee enrichment programs. Companies are assessed based on communications, work-life balance, employee education, diversity, recognition, retention, and more. This honor is reflective of the outstanding work done each day by our more than 10,000 incredible team members across the country. Learn more.

USI Insurance Services (“USI”), a world leader in risk management, employee benefit and retirement consulting, has been recognized as a “Top Insurance Employer” for the sixth consecutive year by Insurance Business America (IBA). Now in its sixth year, IBA’s annual Top Insurance Employer program recognizes leading U.S. insurance organizations based on a series of employee satisfaction metrics, including benefits, compensation, culture, employee development and commitment to diversity and inclusion.

Commenting on the announcement, Michael Sicard, chairman and chief executive officer for USI, stated: “We are honored to once again be recognized among Insurance Business America’s leading insurance industry employers for the sixth consecutive year. I want to congratulate our more than 10,000 team members who make this multi-year industry recognition possible and thank them for the invaluable contributions they bring to our organization and the clients and communities we serve each day.”

Kim Van Orman, senior vice president and chief human resources officer for USI, added: “We are proud to have cultivated a supportive and inclusive culture at USI that rewards and empowers our people to recognize their full potential and grow both personally and professionally. This multi-year industry achievement serves as continued motivation for us to consistently raise the bar when it comes to innovating an exceptional employee experience that drives satisfaction, engagement and superior business results.”

IBA’s Top Insurance Employer program consists of a two-phase qualification process, including an employer form submission and an anonymous employee satisfaction survey. Company results are distributed across four categories based on the number of employees and overall employee satisfaction scores. Learn more about IBA’s Top Insurance Employers program.

About USI
USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects over 10,000 industry-leading professionals from more than 200 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage^®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom-line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit usi.com or follow us on LinkedIn, Facebook or Twitter.

Business Insurance’s U.S. Insurance Awards program celebrates exceptional work by insurance professionals working at companies across the commercial insurance industry, honoring teams of professionals across various award categories. The 2023 awards event was held at the Ziegfeld Ballroom in New York City on July 19. This year, USI was honored to be selected as a finalist in the Diversity & Inclusion Initiative of the Year category for our 2022 DEI training initiatives. These initiatives were designed to help recruiters and leaders attract and retain the next generation of diverse industry talent at USI. Learn more.

The Insurance Marketing & Communications Association (IMCA) recently held its 65^th annual IMCA Ignite Conference and Showcase Awards ceremony in Nashville, TN, and USI was proud to place in two categories. Our 2022 I’m With U Monthly Discovery Theme Campaign won gold in the Employee Diversity, Equity, Inclusion, and Belonging (DEIB) Communications Campaign, and our 2023 Commercial P&C Market Outlook Report won silver in the Other Long-Form Written Publication category. These campaigns highlight the important, innovative work being done at USI. IMCA Showcase Awards recognize the highest quality marketing and communications in the insurance industry. Read more.

For the second year in a row, USI has been recognized as a ‘Best of the Best’ insurance employer for Hispanics by Hispanic Network Magazine (HNM), a leading publication dedicated to supporting the advancement of Hispanics in all aspects of business and employment. Each year, HNM polls hundreds of Fortune 1000 companies for its ‘Best of the Best’ evaluations, providing unbiased results that are valuable resources for job-seekers, business owners, students, consumers, senior management, business associations, employment agencies, and consumer groups. Read more.

A number of events over the last several years have had a significant impact on the police liability insurance market. Recently, Business Insurance shared an update on the market and the impact of those events, and USI’s National Public Entity and Education Practice Leader, Anthony DiBernadino, was invited to share his perspective on the latest market conditions. Read more.

USI Consulting Group (“USICG”), a national industry-leading, full-service retirement plan consulting and benefits administration firm, today announced the acquisition of Bloomfield, Connecticut-based Hooker & Holcombe, Inc. (“H&H”). Founded in 1956, H&H is a regional provider of comprehensive and integrated actuarial, investment advisory and retirement plan consulting services. Terms of the transaction were not disclosed.

Commenting on the announcement, H&H President, Richard Sych, stated: “For more than 67 years, through the expertise of our dedicated and knowledgeable professionals, H&H has built a strong reputation for delivering effective retirement plan solutions that exceed client expectations. We look forward to advancing this longstanding tradition of service excellence through our partnership with USI Consulting Group.”

USI Consulting Group President and CEO, Bill Tremko, added: “We are thrilled to welcome the talented professionals from H&H to the USI family and look forward to strengthening USI’s retirement consulting expertise throughout the country.”

About USI Consulting Group
USI Consulting Group is a national industry-leading, full-service retirement plan consulting and benefits administration firm that has been helping employers enable their workforce to successfully plan and invest for retirement for over 45 years. USICG’s integrated team of highly skilled professionals provides specialized expertise in delivering independent, comprehensive guidance and innovative, flexible retirement plan solutions to meet the changing needs of employers and their employees. USICG is an affiliate of both USI Securities, Inc. (a broker-dealer, Member FINRA/SIPC) and USI Advisors, Inc. (a federally registered investment adviser) and a wholly-owned subsidiary of USI Insurance Services (“USI”). To learn more, visit usicg.com or follow us on LinkedIn.

The American Heart Association’s (AHA) 2022 Workforce Well-being Scorecard results were recently announced, and USI once again achieved Gold level recognition for the fifth year in a row! Working in partnership with leading science and workforce well-being volunteers, the AHA has defined best practices for employers to use to build a culture of health equity and comprehensive organizational well-being programs for their workforces. This annual scorecard measures the extent to which a company has implemented those best practices. Read more.

For the fifth consecutive year, USI has been named a ‘Best of the Best’ employer for women in the insurance industry by Professional WOMAN’s Magazine (PWM). PWM’s annual ‘Best of the Best’ program is designed to recognize leading U.S. organizations actively engaged in the advancement of multicultural women in all aspects of business and employment to ensure equal opportunity. Read more.

For the fourth year in a row, USI is proud to be recognized as a Best of the Best employer by Black EOE Journal, a leading African American business and career publication. The Best of the Best program recognizes leading insurance companies and their efforts to promote the advancement of African Americans in all aspects of business and employment to ensure equal opportunity. Each year, Black EOE Journal polls hundreds of Fortune 1000 companies for its Best of the Best evaluations, providing non-biased results that are valuable resources for job-seekers, business owners, students, consumers, senior management, business associations, employment agencies and consumer groups. Read more.

Each year, Insurance Business America (IBA)’s “5-Star DE&I Awards” recognize leading U.S.-based insurance companies for their work to foster impactful, forward-looking diversity, equity and inclusion (DE&I) programs. USI was among only 17 insurance organizations to receive this honor for 2023 in recognition of our ongoing efforts to build an increasingly diverse, equitable and inclusive culture at USI through our I’m With U DE&I program. Commenting on the award, USI’s Chief Human Resources Officer & I’m With U Executive Sponsor, Kim Van Orman, shared: “The launch of our I’m With U DE&I program in June 2020 marked a transformational journey for USI and our people. Among many things, I’m With U represents our shared commitment to building our collective understanding, skills and awareness in support of our employees, clients and local communities. I want to congratulate our employees on this outstanding achievement and thank them for their continued contributions to this inspiring program.” Learn more.