Wells Fargo has decided to exit the personal insurance business as part of its plans to simplify and streamline product offerings to better serve customers.

The company, with immediate effect, has stopped marketing and product promotion activity.

The decision was taken in early October, after an assessment of the business. The exit process is expected to be completed in the first quarter of next year.

Until that time, it will continue to make its suite of personal insurance products available, in addition to servicing and managing customer policies.

The company's personal insurance business was started in 2003 and includes homeowners, auto, renters and umbrella insurance products.

Last year, the company sold Rural Community Insurance Services, its crop insurance business and its subsidiary Rural Community Insurance Company to Zurich American Insurance.

In June, the company announced the sale of Wells Fargo Insurance Services USA to USI Insurance Services. As a result of the sale of the commercial brokerage business, the remaining Personal Insurance business became part of Wells Fargo’s Consumer Lending division.

Recently the company announced the sale of its crop insurance broker business to Hub International.


Image: Wells Fargo in Laredo, Texas. Photo: Courtesy of Billy Hathorn/Wikipedia.org.