Wells Fargo sells business insurance services division to USI
U.S. banking group Wells Fargo in June 2017 announced that it had sold Wells Fargo Insurance Services USA (WFIS) to USI Insurance Services. Wells Fargo group is refocusing on core banking products and services. Wells Fargo’s Personal Insurance business remains with Wells Fargo group and will report to its Consumer Lending division.
WFIS provides small business, middle market, large corporate and high net worth clients with property and casualty, professional risk, employee benefits, private risk solutions, and targeted insurance programs to specialized industries.
USI, headquartered in New York, is one of the largest privately held insurance brokerage firms in the U.S., with more than 4,400 associates in over 140 offices. In 2014, USI acquired more than 40 smaller brokerage offices from Wells Fargo Insurance.
WFIS’s annual operating results were not material to Wells Fargo. Completion of the transaction is subject to regulatory approvals and is anticipated to close in the fourth quarter of 2017. The terms were not disclosed.