USI Insurance Services (USI), an insurance brokerage company and consultant based in the US, has signed an agreement to purchase 42 of Wells Fargo Insurance's insurance brokerage and consulting locations across the US.
Once the transaction is concluded, these locations will further boost USI’s presence as a middle market insurance brokerage and consulting firm, and will complement its full suite of property-casualty, employee benefits, personal lines, retirement and specialty offerings.
In accordance with the term of the agreement, USI will takeover of following locations including, (Ala.) Birmingham, Tuscaloosa; (Alaska) Anchorage; (Calif.) Fresno, Grass Valley; (Fla.) West Palm Beach; (Ga.) Savannah; (Idaho) Boise; (Ill.) Springfield; (Ind.) Elkhart, Fort Wayne; (Kan.) Overland Park; (Ky.) Lexington, Louisville; (Mich.) Grand Rapids; (Minn.) Grand Rapids, St. Cloud, Virginia; and (Neb.) Omaha.
Other locations include (N.M.) Albuquerque; (N.D.) Bismark, 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, Grundy, Norfolk; and (W. Va.) Beckley, Charleston, Huntington, Martinsburg, Morgantown, Wheeling.
USI chairman, president and CEO Michael Sicard said, "We look forward to building and expanding in these cities and states with an innovative and comprehensive set of solutions, including middle market property-casualty, employee benefits, personal lines, retirement, programs, and other specialty lines."
The sale, which is likely to conclude during the second quarter of 2014, is part of Wells Fargo’s continuous strategy to concentrate investments and resources in select markets, including Charlotte, Dallas, Minneapolis and San Francisco.
Commenting on the sale, Wells Fargo Insurance head Laura Schupbach said, "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."
Wells Fargo through its Insurance Brokerage and Consulting (IBC) business offers national resources for property and casualty insurance and employee benefits among others.
The recent acquisition follow USI’s takeover of Oscar & Associates in January 2014 as well as the acquisition of privately owned, independent insurance brokerage and advisory firm Molton, Allen & Williams (MAW) in December 2013.
Image: Wells Fargo’s corporate headquarters in San Francisco. Photo courtesy of Laimerpramer.