|[May 05, 2014]
Wells Fargo Insurance Completes Sale of 40 Office Locations to USI Insurance Services
SAN FRANCISCO --(Business Wire)--
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 (News - Alert) 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 lcations: (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
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
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 (News - Alert) Insurance Brokers Ranking 2013
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