SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo Insurance, part of Wells Fargo & Company (NYSE: WFC), has completed a transaction with USI Insurance Services to sell 40 of its primarily smaller regional insurance brokerage and consulting locations. The sale is part of Wells Fargo’s strategy to focus investments and resources in markets where the insurance business has the greatest growth potential and stronger partnerships with the bank’s commercial customers.
“Wells Fargo continues to invest in and strengthen our insurance business,” said Laura Schupbach, head of Wells Fargo Insurance. “This transaction is an important step in our ongoing strategy to grow the business in markets where we have the greatest opportunity to serve more of our core middle, upper middle market and risk management customers.”
Through its Insurance Brokerage and Consulting (IBC) business, Wells Fargo provides national resources for property and casualty insurance and employee benefits as well as targeted insurance programs for industries such as real estate, healthcare, energy, special risk, public entity, aviation, and hospitality. The business provides insurance consulting, sales and services to middle market, upper middle market, international and risk management customers.
USI is headquartered in New York and is the 14th largest insurance broker in the world. Wells Fargo team members who were actively working in the select IBC locations at the close of the transaction closes were offered continuous employment by USI.
Under the agreement, USI acquired the following locations: (Ala.) Birmingham, Tuscaloosa; (Alaska) Anchorage; (Calif.) Fresno, Grass Valley; (Fla.) West Palm Beach; (Ga.) Savannah; (Idaho) Boise; (Ind.) Elkhart, Fort Wayne; (Kan.) Overland Park; (Ky.) Lexington, Louisville; (Mich.) Grand Rapids; (Minn.); St Cloud; (Neb.) Omaha; (N.M.) Albuquerque; (N.D.) Bismark, Fargo, Minot, Valley City; (Ohio) Dayton, Youngstown; (Ore.) Eugene, Newport; (Pa.) Erie; (S.C.) Columbia; (Tenn.) Knoxville; (Texas) El Paso; (Utah) Salt Lake City; (Va.) Abingdon, Bluefield, Norfolk, Vansant; and (W. Va.) Beckley, Charleston, Huntington, Martinsburg, Morgantown, Wheeling.
Wells Fargo Securities served as exclusive financial advisor to Wells Fargo Insurance Services in connection with the transaction.
About Wells Fargo Insurance
Recently named Best Insurance Broker in the U.S. by Global Finance Magazine1, Wells Fargo Insurance provides solutions for a wide range of customers, including retail consumers, high net worth individuals, small businesses, as well as middle market and large corporate customers. Wells Fargo Insurance writes or places $11 billion of risk premiums annually in property, casualty, benefits, international, personal lines, and life products and also includes the nation’s largest crop insurance provider, Rural Community Insurance Services (RCIS).
About Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com and at wellsfargo.com/stories.
About USI Insurance Services
USI is the 3rd largest privately held insurance broker2, the 4th largest commercial lines broker in the United States3 and the 14th largest insurance brokerage firm in the world4. With more than 4,000 dedicated, experienced and innovative professionals, USI is a leader in middle market property-casualty, employee benefits, personal lines, retirement, program and specialty business. USI has been recognized for its innovation by Information Week 500 the last three years and Best’s Review January 2014 Innovation Showcase. USI is headquartered in Valhalla, N.Y. and operates out of more than 100 offices across the United States. Additional information about USI may be found at www.usi.biz.
1 Ranking includes Wells Fargo Insurance Services USA, Inc., Wells Fargo Insurance Services of West Virginia, Inc., Wells Fargo Insurance, Inc., and Rural Community Insurance Company
2 Insurance Journal Top 100 Privately-Held Independent Agencies Ranking 2013
3 Insurance Journal Top 50 Commercial Lines Leader Ranking 2013 (excludes non standard auto brokers-aggregators)
4 AM Best Top Global Insurance Brokers Ranking 2013