With the acquisition, “we will not only expand our insurance and risk management resources to assist clients in protecting their assets, but we will also be able to help them to grow their businesses through our Wells Fargo partnership,” Mr. Rothwell said.

In addition to providing business, personal and employee benefits insurance, Universal Insurance Services also operates a third-party administrator that provides marketing, sales and policyholder services for associations throughout the United States and Canada. Two additional risk entities include Risk Control Network (RCN), providing risk education products, and Harbor Risk Underwriters (HRU), a managing general underwriter serving the marine community.

“We've grown to become one of America's largest brokerage companies by combining our national resources with great local agencies like Universal,” said Dave Zuercher, president and chief executive officer of Wells Fargo Insurance Services. “We will continue to look for agency acquisitions that fit our operating philosophy and parent footprint, especially in the 23 states in which Wells Fargo has banks established.”

Wells Fargo Insurance Services was formerly Acordia Inc. It describes itself as the largest bank-owned insurance brokerage in the United States with more than 150 offices in 38 states, 4,500 employees and more than $8.5 billion of risk premiums.