Two major bank-owned insurance brokerage firms reported increased insurance revenues in the third quarter.
Wells Fargo–which is in the process of acquiring Wachovia Corp., a firm that generated $422 million in insurance revenue in 2007–reported that insurance brokerage fees increased 33 percent, while BB&T said its insurance brokerage revenues in the quarter were up by 13 percent.
San Francisco-based Wells Fargo said insurance revenue rose $110 million in the quarter, from $329 million last year up to $439 million. For the first nine months of the year, insurance revenue was up 29 percent, or $333 million, to $1.5 billion.
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