SOURCE: Wells Fargo Insurance Services

December 19, 2007 12:02 ET

Wells Fargo Acquires Four Insurance Agencies

America's Largest Bank-Owned Brokerage Purchases Agencies in California, Minnesota, New Hampshire, Texas

CHICAGO, IL--(Marketwire - December 19, 2007) - Wells Fargo Insurance Services, Inc. -- America's largest bank-owned insurance brokerage and a subsidiary of Wells Fargo & Company (NYSE: WFC) -- said today it has completed four more acquisitions:

--  Rogers & Belding Insurance Agency, Inc., a single-office agency in El
    Paso, Texas and its subsidiaries;
--  Dover, N.H.-based The Richardson Group;
--  the Employee Benefits Division of The Brehm Group, Inc. of
    Minneapolis;
--  Technology Insurance Services, Inc., a single-office agency in Redwood
    City, California.
    

Terms of the transactions were not disclosed. Capstone Advisors, Brehm's Estate Planning Division, was not affected. Wells Fargo has acquired 12 insurance agencies in 2007.

Rogers & Belding offers business and personal insurance, employee benefits and risk management and has served customers since 1933. The agency's professional staff will continue serving customers at 2505 East Missouri, El Paso, Texas.

As the largest insurer of ice rinks and third largest provider of ski resort insurance in the United States, New Hampshire-based The Richardson Group specializes in sports, entertainment and health club insurance programs, and is the preferred provider of the New England Tire & Service Association (NETSA). The agency's professional staff will continue serving customers from 34 Dover Point Road, Dover, N.H.

The Brehm Group's Employee Benefits Division has served customers across Minnesota and beyond since 1974. The agency's professional staff will continue serving customers from 706-2nd Avenue South, Suite 850, Minneapolis until it relocates to Wells Fargo Insurance Services location at 4300 MarketPointe Drive in Bloomington, Minn.

Technology Insurance Services, a leading Silicon Valley technology insurance specialist, has served customers in the greater San Francisco Bay Area and across the western U.S. since the firm's founding in 1990. The agency's professional staff has relocated to the Redwood City office to become a part of the Technology Services Practice.

"Each agency will continue to service their customers with the same personal attention they've come to expect but with more resources than before," said Dave Zuercher, head of Wells Fargo Insurance Services. "Joining Wells Fargo Insurance Services is a great benefit for their customers, expanding the insurance and risk management resources to help protect their assets, and we'll also be able to help them to grow their assets by helping them access the full array of financial services available to them across all of Wells Fargo."

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 160 offices in 38 states. Its over 5,000 insurance professionals place more than $15.5 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 (wellsfargo.com) 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 www.wellsfargo.com/wfis or call Ellen Sievert at 847.209.6672.

Contact Information

  • Media:
    Ellen Sievert
    312-423-2531