USI Holdings (USIH) said it got an unsolicited buyout bid and warned of weak third-quarter numbers.
The Briarcliff Manor, N.Y., insurer said its board formed a special panel of outside directors to review the proposal. The company didn't offer any specifics about the "indication of interest," which it "received from a private equity firm."
USI did say it expects third-quarter pretax income from continuing operations to drop from year-ago levels on revenue of around $131 million. Analysts were expecting earnings to rise from a year ago on revenue of $139 million.
Shares were halted late Tuesday.