San Francisco-based bank Wells Fargo & Company acquired premium finance company Flatiron Credit Company Inc., formerly a subsidiary of TD Banknorth, N.A. Terms of the deal were not released.
Founded in 1995 by its two principals, Robert Pinkerton and Bruce Lundy, Flatiron Credit and its operating subsidiary Flatiron Capital Corp., were described by the bank as one of the larger U.S. premium finance companies.
Flatiron originates, funds and services insurance premium finance contracts for commercial property and casualty insurance through a national network of insurance agents and insurance brokers, managing general agents and insurance companies.
It is headquartered in Denver with offices in San Antonio, Texas; Philadelphia; Boca Raton, Fla.; Boston; Chicago and San Francisco.
"Flatiron has long-standing relationships with producers and is a recognized provider of premium financing to firms across the nation," said Dave Zuercher, chairman, president and chief executive officer of International and Insurance Services for Wells Fargo in a statement. "It will be our platform as we enter the premium finance business, cementing Wells Fargo's position as one of the nation's leading providers of financial services and further enable us to satisfy all the financial needs of our commercial customers."
Wells Fargo said that as part of the transaction, all employees of Flatiron will remain with the business, offering a seamless transition for its clients.
Mr. Pinkerton, CEO of Flatiron said the move would allow the company to provide more services to "better accommodate their financial needs."
Mr. Lundy, president of Flatiron said the acquisition would give the company's broker and agent clients a wealth of opportunities with access to 80-plus Wells Fargo business lines.
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