USI Insurance Services has entered into an agreement with Wells Fargo & Company to purchase Wells Fargo Insurance Services USA (WFIS), which includes its insurance brokerage and consulting, employee benefits and property & casualty national practices, along with safehold special risk, small business insurance, student insurance, individual health and private risk management insurance business lines. Terms of the transaction were not disclosed.
Related: Will Wells Fargo & Co. sell its insurance brokerage business?
"This is a transformational transaction for both USI and Wells Fargo Insurance. Together, we create a premier industry leader with an unmatched team of exceptional sales consultants, account executives, technical resources and team members. We share a common culture and values, including a focus on delivering a truly different and better set of solutions with bottom line impact," said Michael J. Sicard, chairman and CEO, USI Insurance Services.
The transaction is expected to close fourth quarter 2017, subject to, among other customary conditions, expiration or termination of the waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended.
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