It was less than a week ago that we revealed Wells Fargo’s plans to exit the insurance business following allegations of a sales scandal – and today we can announce that a deal has been done for the firm’s insurance arm.
USI Insurance Services has closed its acquisition of Wells Fargo Insurance Services USA, formerly part of the Wells Fargo Company in a deal that encompasses the insurance brokerage, consulting, employee benefits and property and casualty national practices. It also takes into account its safehold special risk, student insurance, individual health and private risk management insurance lines and small business insurance.
“With the combined strength of our two market leading companies, USI is one of the largest and strongest insurance brokerage and consulting firms in the world,” said Michael J. Sicard, chairman and CEO, USI Insurance Services. “We serve large risk management clients, middle market companies, smaller firms, and individuals with a full range of property & casualty, employee benefits, personal risk, program and retirement solutions. We are thrilled to join together with the tremendous professionals of Wells Fargo Insurance Services.”
USI is one of the largest insurance brokerage and consulting firms in the world, offering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Its headquarters are in New York and it has over 150 offices with 6,000 industry professionals on board making it the right fit according to Perry Pelos, head of Wells Fargo Wholesale Banking.
“This strategic transaction is the result of hard work from the outstanding teams of both companies,” he said. “I also want to recognise the extremely talented team of professionals who are leaving Wells Fargo to join USI. I’m confident they will continue to be successful as they serve clients’ insurance needs as part of this strong industry leader.”
Terms of the transaction have not been disclosed.
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