NU Online News Service, Dec. 8, 3:50 p.m. EST
Wells Fargo Insurance Services Inc. said it acquired two insurance agencies earlier this month, one in Florida and the other in Washington State.
The Chicago-based insurance brokerage, a subsidiary of San Francisco-based Wells Fargo & Company, said it has acquired iLeader Risk Management Solutions, a single-office insurance brokerage firm located in Tampa, Fla., and Orca Bay Benefits, LLC, a single-office employee benefits insurance brokerage located in Mercer Island, Wash.
The acquisitions were completed Dec. 1, Wells Fargo said, adding that financial terms were not released.
Wells Fargo said iLeader, in business four years, provides risk management services and insurance brokerage solutions to various industries. The firm works with businesses to lower costs, enhance coverages and manage liabilities by evaluating their strategic, operational and hazard risks.
Michael Ortoll, iLeader managing principal and chief executive officer; Barbara Hoffman, account executive; and Oriana Collins, account manager, will join Wells Fargo Insurance Services.
Orca Bay was described by Wells Fargo as a provider of employee benefits services including health care reimbursement arrangements, health care savings accounts, individual and large group medical insurance plans, and a full range of value-added benefits services. The firm has been in business since 2001.
"One cornerstone of Wells Fargo Insurance Services' market growth has been acquiring retail brokerage operations that add unique capabilities to our national franchise," said Neal Aton, president and CEO of Wells Fargo Insurance Services.
He added, "By bringing iLeader and Orca Bay into our enterprise, we add great agencies and talent that support expansion of market reach and customer resources. We will continue this deliberate strategy to seek acquisition opportunities that bring meaningful value to customers and deepen Wells Fargo's nationwide commitment to insurance brokerage."
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