USI InsuranceServices has entered into an agreement with Wells Fargo &Company to purchase Wells Fargo InsuranceServices USA (WFIS), which includes its insurancebrokerage and consulting, employee benefits and property &casualty national practices, along with safehold special risk,small business insurance, student insurance, individual health andprivate risk management insurance business lines. Terms of thetransaction were not disclosed.
|Related: Will Wells Fargo & Co. sell its insurancebrokerage business?
|"This is a transformational transaction for both USI and WellsFargo Insurance. Together, we create a premier industry leader withan unmatched team of exceptional sales consultants, accountexecutives, technical resources and team members. We share a commonculture and values, including a focus on delivering a trulydifferent and better set of solutions with bottom line impact,"said Michael J. Sicard, chairman and CEO, USIInsurance Services.
|The transaction is expected to close fourth quarter 2017,subject to, among other customary conditions, expiration ortermination of the waiting period (and any extension thereof) underthe Hart-Scott-Rodino Antitrust Improvement Act of 1976, asamended.
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