R-T Specialty, the wholesale brokerage unit of Ryan Specialty Group, has entered into an agreement to acquire the wholesale insurance business of American E&S Insurance Brokers (AES) from Wells Fargo Insurance Services, a subsidiary of Wells Fargo.
Under this agreement, R-T Specialty will acquire substantially all of the operating assets and related liabilities of AES, including eight office locations: San Francisco, Fresno and Irvine in California as well as New York, Denver, Atlanta, Nashville, and Seattle. It will also hire nearly all of the employees in those office locations.
Wells Fargo Insurance Services president and CEO Neal Aton said that the sale of its E&S insurance wholesaler allows the company to focus on its core retail operations and other niche businesses including Wells Fargo Special Risks, which offers customers underwriting and backroom support services.
"This decision enables us to more effectively manage conflicting interests in the E&S marketplace, and thus serve our customers better," Aton said.
RSG chairman and CEO Patrick Ryan said this transaction is a strategic move for the company because it will increase the breadth and scope of RSG’s specialty wholesale operation.
"Having positioned our capabilities in metropolitan locations nationwide, we will reinforce our presence in those locations and also establish our presence in other key locations," Ryan said.