SOURCE: Wells Fargo Insurance Services

December 11, 2007 09:45 ET

Wells Fargo Announces Strategic Alliance With Great American Insurance Group

America's Largest Bank-Owned Brokerage Will Develop and Administer Specialty Business on Behalf of Great American Custom

CHICAGO, IL--(Marketwire - December 11, 2007) - Wells Fargo Insurance Services, Inc., America's largest bank-owned insurance brokerage and a subsidiary of Wells Fargo & Company (NYSE: WFC), said it has formed a strategic alliance between its Wells Fargo Special Risks, Inc. subsidiary and Great American Custom Insurance Services Division of Great American Insurance Group, a leading underwriter of specialty property and casualty insurance.

Wells Fargo Special Risks, Inc. will develop and administer specialty business on behalf of Great American Custom. This new relationship will expand the range of insurance and risk management products and services that Wells Fargo Special Risks offers customers in the specialized program and affinity market segments.

"Great American Custom has demonstrated significant knowledge of and commitment to commercial specialty insurance," said Larry Sorensen, president of Wells Fargo Special Risks, Inc. "This alliance will strengthen our current position to quickly identify and implement new opportunities with growing programs, providing tailored risk management solutions for customers with unique insurance requirements. It will also enable us to further support the strategy of Wells Fargo Insurance Services and the Wells Fargo commitment to help its customers succeed financially."

"We are pleased to enter into this alliance with Wells Fargo Special Risks, Inc.," said Thom Smith, divisional president of Great American Custom. "Its principals have both technical expertise and significant experience in developing and successfully managing many specialty lines and classes of business. In aligning with Wells Fargo Special Risks, Inc., we will leverage our insurance and risk management resources with their proven distribution and administration capabilities. This relationship will serve the growth strategies of both organizations."

"This new alliance reflects our focus on aligning our business units with quality insurance companies, which provide both financial strength and value-added services to our customers. It will enhance our ability to provide specialized products and services that meet our customers risk management needs," said Dave Zuercher, head of Wells Fargo Insurance Services.

About Wells Fargo Insurance Services

Wells Fargo Insurance Services, Inc., formerly Acordia, Inc., is the fifth-largest insurance brokerage and the largest bank-owned insurance brokerage in the United States, with 170 offices in 38 states. Its 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 ( 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.

About Great American Insurance Group

Great American Custom Insurance Services is a full-service underwriting division of Great American Insurance Group that specializes in building long-term producer relationships and customized business solutions in the commercial primary and excess casualty markets.

Great American Insurance Group is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of annuities and supplemental insurance products. Great American Insurance Group insurers are subsidiaries of American Financial Group, Inc. (NYSE: AFG) (NASDAQ: AFG).

For more information about Great American Insurance Group's products and services, please visit

Contact Information

  • Media
    Ellen Sievert
    Wells Fargo

    Anne N. Watson
    Great American