Wells Fargo Insurance Acquires Indiana Agency

Wells Fargo Insurance Services Inc., the insurance brokerage subsidiary of San Francisco-based Wells Fargo & Company, said it has acquired Carmel, Ind.-based American Med-Scan Inc. Financial terms were not released.

According to a Wells Fargo spokesman, Fred Day and a partner founded American Med-Scan in 1986. Mr. Day bought his partner out in 1997 and expanded the agency at that time. The agency consists of a total of five employees.

The agency is an employee benefits consulting firm that specializes in small group medical insurance programs (less than 50 lives), life and disability, retirement plans, and other areas of benefits planning and consulting.

Mr. Day and the rest of the American Med-Scan team will continue their responsibilities with Wells Fargo Insurance Services, folding their existing operations into the Wells Fargo Indianapolis office, the spokesman said in an e-mail.

“We want to offer expanded services and support to American Med-Scan's customers as we continue to expand in the Indianapolis area,” John M. Murphy, managing director of Wells Fargo Insurance Services' office in Indianapolis, said in a statement.

Dave Zuercher, president and chief executive officer of Wells Fargo Insurance Services, said the acquisition reflects the firm's strategy of “combining our national resources with great local agencies” and the firm will continue to “look for agency acquisitions that fit our vision, values and geographic needs.”