24 January 2014 Insurance

USI buys regional brokerages from Wells Fargo

Wells Fargo Insurance, part of Wells Fargo & Company, has agreed to sell 42 of its primarily smaller regional insurance brokerage and consulting locations to USI Insurance Services.

Wells Fargo said the sale is part of its strategy to focus investments and resources in select markets, including Charlotte, Dallas, Minneapolis and San Francisco, where the insurance business has the greatest growth potential and stronger partnerships with the bank's commercial customers.

“Wells Fargo is 100 percent committed to the insurance business and serving the needs of our customers,” said Laura Schupbach, head of Wells Fargo Insurance. "We are focused on strengthening our insurance operations in larger markets where we can partner more closely with the bank to serve more of our core middle and upper middle market customers."

USI is headquartered in New York and is the 14th largest insurance broker in the world. All Wells Fargo team members who are actively working in the select IBC locations at the time the transaction closes will be offered continuous employment by USI.

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