USI Insurance Services (USI) and Wells Fargo & Company ( Wells Fargo) have announced the entry into an agreement that will see USI acquire Wells Fargo Insurance Services USA (WFIS).
The acquisition includes WFIS’ Insurance Broking and Consulting unit, Employee Benefits and Property & Casualty national practices, and also Safehold Special Risk, Small Business Insurance, Student Insurance, and Individual Health and Private Risk Management Insurance operations.
Subject to expiration or termination of the waiting period, among other customary conditions, it’s been reported that the deal is expected to close in the fourth quarter of 2017. Terms of the transaction are yet to be disclosed.
Chairman and Chief Executive Officer (CEO) of USI Insurance Services, Michael J. Sicard, said; “This is a transformational transaction for both USI and Wells Fargo Insurance. Together, we create a premier industry leader with an un-matched team of exceptional sales consultants, account executives, technical resources and team members.
“We share a common culture and values, including a focus on delivering a truly different and better set of solutions with bottom line impact. We call it the USI ONE Advantage®, a disruptive combination of expertise and innovation. Together, we bring a full suite of distinctive property & casualty, employee benefit, personal risk and retirement solutions, to middle market, large corporate, small business and individuals.
“We are excited to join together with our new partners, and create an exciting, new home for our existing and future team members who want to be a part of a fast growing, innovating industry leader.”