USI Insurance Services announced yesterday the closing on the acquisition of Wells Fargo Insurance Services USA (WFIS), formerly part of Wells Fargo & Company (Wells Fargo) (NYSC:WFC). This purchase includes the Insurance Brokerage and Consulting, Employee Benefits and Property & Casualty national practices of WFIS, along with its Safehold Special Risk, Small Business Insurance, Student Insurance, Individual Health and Private Risk Management Insurance business lines. Terms of the transaction were not disclosed.
USI started almost 25 years ago as a single firm of 40 employees and $6.5 million revenue. Following the acquisition, we are now a firm of approximately 6,000 associates and approaching $2 billion of revenue.
“With the combined strength of our two market-leading companies, USI is one of the largest and strongest insurance brokerage and consulting firms in the world,” said Michael J. Sicard, chairman and CEO, USI Insurance Services. “We serve large risk management clients, middle-market companies, smaller firms, and individuals with a full range of property & casualty, employee benefits, personal risk, program and retirement solutions. Together, our combined ONE Advantage delivers a superior industry platform, which integrates the USI Omni Knowledge Engine™ with an industry leading Network of expertise, delivered through an Enterprise process to customize different and better solutions, resources, and service for each client, with positive, measureable results. We are thrilled to join together with the tremendous professionals of Wells Fargo Insurance Services.”
“This strategic transaction is the result of hard work from the outstanding teams of both companies,” said Perry Pelos, head of Wells Fargo Wholesale Banking. “I also want to recognize the extremely talented team of professionals who are leaving Wells Fargo to join USI. I’m confident they will continue to be successful as they serve clients’ insurance needs as part of this strong industry leader.”
For more information, visit www.usi.com.