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TMCNet:  USI Insurance Services Announces the Closing on the Acquisition of 40 Wells Fargo Insurance Brokerage and Consulting Locations Across the United States

[May 05, 2014]

USI Insurance Services Announces the Closing on the Acquisition of 40 Wells Fargo Insurance Brokerage and Consulting Locations Across the United States

VALHALLA, N.Y. --(Business Wire)--

USI Insurance Services ("USI") announced today the closing on the acquisition of 40 insurance brokerage and consulting locations across the United States from Wells Fargo (News - Alert) Insurance, part of Wells Fargo & Company ("Wells Fargo") (NYSE:WFC). This acquisition further strengthens USI's presence as one of the leading middle market insurance brokerage and consulting firms in the country, and complements the Company's full suite of property-casualty, employee benefits, personal lines, retirement and specialty offerings. Terms of the transaction were not disclosed.

Commenting on the acquisition, Michael J. Sicard, USI's chairman, president and CEO, said, "We are very excited to be welcoming to USI such a talented group of experienced insurance professionals across these 40 offices. These are cities in which USI is looking to invest, expand and grow. With the knowledge, service and leadership joining our new and existing associates together across USI, we have built a leading national platform with over 140 offices serving businesses and individuals in every state. USI has developed a unique and proprietary knowledge and resource base that delivers to clients something different - a broader and deeper set of innovative solutions that drive bottom line results to help clients grow. We welcome all of our new clients and associates across the country and look forward to growing together."

USI has acquired the following location: (Ala.) Birmingham, Tuscaloosa; (Alaska) Anchorage; (Calif.) Fresno, Grass Valley (News - Alert); (Fla.) West Palm Beach; (Ga.) Savannah; (Idaho) Boise; (Ind.) Elkhart, Fort Wayne; (Kan.) Overland Park; (Ky.) Lexington, Louisville; (Mich.) Grand Rapids; (Minn.) St. Cloud; (Neb.) Omaha; (N.M.) Albuquerque; (N.D.) Bismark, Fargo, 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, Norfolk; Vansant; and (W. Va.) Beckley, Charleston, Huntington, Martinsburg, Morgantown, Wheeling.


About USI Insurance Services

USI is the 3rd largest privately held insurance broker1, the 4th largest privately held commercial lines broker in the United States2, and the 14th largest insurance brokerage firm in the world3. With more than 4,000 dedicated, experienced and innovative professionals, USI is a leader in middle market property-casualty, employee benefits, personal lines, retirement, program and specialty business. USI has been recognized for its innovation by Information Week 500 the last three years and Best's Review January 2014 Innovation Showcase. USI is headquartered in Valhalla, N.Y. and operates out of more than 140 offices across the United States. Additional information about USI may be found at www.usi.biz.

About Wells Fargo Insurance

Recently named Best Insurance Broker in the U.S. by Global Finance Magazine4, Wells Fargo Insurance provides solutions for a wide range of customers, including retail consumers, high net worth individuals, small businesses, as well as middle market and large corporate customers. Wells Fargo Insurance writes or places $11 billion of risk premiums annually in property, casualty, benefits, international, personal lines, and life products and also includes the nation's largest crop insurance provider, Rural Community Insurance Services (RCIS).

1 Insurance Journal Top 100 Privately Held Independent Agencies Ranking 2013
2 Insurance Journal Top 50 Privately Held Commercial Lines Leader Ranking 2013 (excludes non standard auto brokers-aggregators)
3 A.M. Best Top Global Insurance Brokers Ranking 2013
4 Ranking includes Wells Fargo Insurance Services USA, Inc., Wells Fargo Insurance Services of West Virginia, Inc., Wells Fargo Insurance, Inc., and Rural Community Insurance Company


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