Wells Fargo Insurance Services Inc., the bank-owned insurance brokerage, has announced it will acquire Universal Insurance Services Inc.

The Chicago-based Wells Fargo & Company subsidiary said Friday that the acquisition will close July 1. Transaction terms were not disclosed.

Universal Insurance Services was founded in 1982 and provides risk management and insurance.

Staff of the acquired firm will continue operating from its location at 648 Monroe Avenue N.W., Grand Rapids, Mich., and William Rothwell, president and managing partner of Universal Insurance Services, will act as managing director for the state of Michigan, Wells Fargo Insurance said.

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.

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Wells Fargo Insurance Buys Universal Insurance

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