SOURCE: Wells Fargo Insurance Services

April 27, 2007 09:00 ET

Wells Fargo Launches Captive Management Business

CHICAGO, IL -- (MARKET WIRE) -- April 27, 2007 -- Wells Fargo Insurance Services announces the launch of Wells Fargo Insurance Services Captive Management, a captive management and consulting business that will serve Wells Fargo insurance and banking customers. Al Blanton, president of Wells Fargo RE, will serve as chairman of Wells Fargo Insurance Services Captive Management and LoriAnn Lowery will serve as vice-chairman.

"We're excited to be entering the captive management business and believe that captives present a strong viable risk financing alternative for our customers," said Blanton.

The company will be approved to manage captives in Vermont, South Carolina, Arizona, Hawaii, Nevada, Bermuda, and the Cayman Islands. Other domiciles will be considered depending on the needs and preferences of customers.

"We continue to see strong interest in captives among our customers," said LoriAnn Lowery, vice chairman of Wells Fargo Insurance Services Captive Management and managing director, national risk management practice leader at Wells Fargo Insurance Services. "This new business allows us to meet the need for these services under the Wells Fargo name and provide a competitive package of risk management and insurance services to our customers."

"Wells Fargo Insurance Services' new captive management business rounds out our company's suite of services and is an additional resource for Wells Fargo business customers," said Scott Isaacson, executive vice president, Wells Fargo Insurance Services. "It is a turnkey solution that gives customers access to alternatives for financing their risks."

Strategic Risk Solutions, an independently-owned captive management company, will manage the operations of Wells Fargo Insurance Services Captive Management in the local domiciles and provide captive consulting services to Wells Fargo Insurance Services.

Wells Fargo Insurance Services 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 $8.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines and life products.

Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 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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