SOURCE: Wells Fargo Insurance Services

February 27, 2008 14:09 ET

Wells Fargo Announces Acquisition of Insurance Brokers of America

ST. LOUIS, MO--(Marketwire - February 27, 2008) - Wells Fargo Insurance Services, Inc. -- America's largest bank-owned insurance brokerage and a subsidiary of Wells Fargo & Company (NYSE: WFC) -- said today that it has acquired St. Louis-based Insurance Brokers of America (IBA).

IBA partners Robert Concannon, Irene Mitchell, Jack Rowe and Jack Engler continue their responsibilities with Wells Fargo Insurance Services. The acquisition closed Feb. 1. Terms of the transaction were not disclosed.

"We are looking forward to offering expanded services to Insurance Brokers of America's customers as we continue to grow our presence in the St. Louis marketplace," said Ron Brawley, managing director of Wells Fargo Insurance Services office in St. Louis.

Insurance Brokers of America offers several risk management services, including property and casualty (P&C) and employee benefits coverages. The agency's professional staff of 11 team members will continue serving customers from their current offices, 1401 South Brentwood Boulevard, Suite 625.

"We are pleased to join a well respected organization that will allow us to expand our insurance and risk management resources for our customers," said Irene Mitchell, president of Insurance Brokers of America. "Our insureds will receive the same great service, but will now have access to more resources to help them succeed financially."

"Insurance Brokers of America is an outstanding brokerage firm with a highly respected team of insurance professionals," said Dan Goldapp, regional managing director of Wells Fargo Insurance Services' Midwest Region. "This acquisition will establish a good base to grow our presence in the St. Louis marketplace as well as support Wells Fargo's commitment to help its customer succeed financially."

"We've grown to become one of America's largest brokerage companies by combining our national resources with great local agencies like Insurance Brokers of America," said Dave Zuercher, president and CEO of Wells Fargo Insurance Services. "We will continue to look for agency acquisitions that fit our operating philosophy and geography."

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

Wells Fargo & Company is a diversified financial services company with $575 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."

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