SOURCE: Wells Fargo Insurance Services

November 02, 2007 13:49 ET

UPDATE: Wells Fargo Acquires Healthcare Practice Book From Arthur J. Gallagher & Company's Huntersville, North Carolina Office

CHICAGO, IL--(Marketwire - November 2, 2007) - Wells Fargo Insurance Services, Inc., America's largest bank-owned insurance brokerage and a subsidiary of Wells Fargo & Company, announced its acquisition of the Healthcare Practice book of business of the Huntersville, NC office of Arthur J. Gallagher & Company. Gallagher, an international service provider, administers risk management programs, property and casualty insurance coverage and risk control consulting. The acquisition closed on October 22, 2007, and terms of the transaction were not disclosed.

This alignment will provide its customers with a variety of insurance and financial products and services. Through the Wells Fargo partnership, Gallagher's customers will now benefit from expanded Healthcare resources, and can grow their businesses because of the financial services now available to them. Pam Kirks, Senior Vice President of Arthur J. Gallagher & Co., and Denise Malmberg, Assistant Vice President of Arthur J. Gallagher & Co., will join Wells Fargo Insurance Services, and will continue to manage their current accounts.

"The acquisition of this book of business continues to strengthen our North Carolina operations. It also further enhances our depth of talent in the Healthcare Risk Management sector, a key focus for growth going forward, said Stephen Smith, Senior Vice President, Managing Director of Wells Fargo Insurance Services. "We look forward to continuing to serve the needs of these clients and offering them even greater assistance in meeting all of their insurance, risk management and financial needs."

About Wells Fargo Insurance Services

Wells Fargo Insurance Services, formerly Acordia, Inc., is the fifth-largest insurance brokerage and the largest bank-owned insurance brokerage in the United States, with more than 150 offices in 38 states. Its 4,500 insurance professionals place more than $11.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines and life products. Wells Fargo acquired Acordia in May of 2001.

Wells Fargo & Company is a diversified financial services company with $549 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet ( across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."

For more information about Wells Fargo Insurance Services, visit or call 312.423.2531.

Contact Information

    Ellen Sievert
    Director of Communications
    Wells Fargo Insurance Services