Wells Fargo Continues Growth in Northern California by Acquiring the Assets of Martin Financial / Insurance Services

SANTA ROSA, Calif.--(BUSINESS WIRE)--Wells Fargo Insurance Services, Inc. – America’s largest bank-owned insurance brokerage and a subsidiary of Wells Fargo & Company (NYSE:WFC) – announced today that ABD Insurance and Financial Services, a part of Wells Fargo Insurance Services, has acquired the assets of Santa Rosa, California-based Martin Financial / Insurance Services. The acquisition adds to Wells Fargo’s diversified Northern California presence – now a total of 2,500 team members in 51 cities across the region including 147 banking stores and 12 insurance brokerage offices.

Founded in 1981, Martin Financial / Insurance Services works primarily in the areas of group and individual health, life, disability, dental and vision – focusing on the employee benefit needs of groups ranging in size from one to several hundred employees, including both fully insured and self-funded plans.

Company shareholder Bud Martin and six Martin Financial / Insurance Services team members will integrate their current practice into the Wells Fargo of California Insurance Services’ North Bay operations. Terms of the transaction were not disclosed.

“We are excited to offer expanded services and support to Martin Insurance / Financial Services customers as we continue to grow our operations in the North Bay region of Northern California,” said Jim Settles, executive vice president and managing director of ABD / Wells Fargo Insurance Services’ employee benefits practice in the North Bay.

“We’re delighted to join a well respected organization that will let us broaden and enhance the insurance and risk management solutions we deliver to our customers,” said Martin Financial / Insurance Services’ Bud Martin. “Our customers will receive the same great service from the same team of committed professionals, but they’ll now have access to a broader range of resources and services to help them succeed financially.”

“We’ve grown to become one of America’s largest insurance brokerage companies by combining our national resources with great local agencies like Martin Financial / Insurance Services,” said Dave Zuercher, president, chairman and CEO of Wells Fargo Insurance Services. “We’ll continue to look for agency acquisitions that fit our vision, values and geographic needs.”

Wells Fargo Insurance Services, Inc. is the fifth-largest insurance brokerage and the largest bank-owned insurance brokerage in the United States, with 171 offices in 37 states. Its 5,200 insurance professionals place $11.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines and life products. For more information about Wells Fargo Insurance Services, visit www.wellsfargo.com/wfis.

Wells Fargo & Company is a diversified financial services company with $609 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”