SOURCE: Wells Fargo Insurance Services

April 10, 2007 11:24 ET

Wells Fargo Special Risks Introduces Flood Analysis and Placement Program

CHICAGO, IL -- (MARKET WIRE) -- April 10, 2007 -- Wells Fargo Insurance Services, Inc. announced today the formation of Flood Analysis and Placement, a new program that offers business customers tools for flood hazard analysis and insurance placement, and helps customers choose the right flood insurance to complement their existing business insurance programs.

"Wells Fargo Special Risks' new program is an additional flood resource for Wells Fargo Insurance Services' business customers," said Larry Sorensen, national practice leader, programs. "It is a turnkey flood solution that works with local practices, so Wells Fargo can help coordinate insurance carrier and flood insurance vendors for the customers' benefit."

For agents and brokers, Flood Analysis and Placement offers flood hazard analysis, flood elevation certification, National Flood Insurance Program (NFIP) flood insurance placement, and excess flood insurance placement, as well as top-notch education and troubleshooting support.

For banking and financial services customers, Flood Analysis and Placement offers all of these services in addition to lender-placed flood insurance and mortgage impairment insurance. This comprehensive program helps these customers meet Federal Deposit Insurance Corporate (FDIC) regulatory compliance requirements and has the potential to develop fee income on insurance sales.

"We are now able to offer additional resources to meet customers' needs," said Sorensen.

With comprehensive mapping tools, Wells Fargo Insurance Services can individually underwrite the specific risk of the property, considering Federal Emergency Management Agency (FEMA) maps together with street maps, aerial photography, wind and water projections, elevation information, and distance to the nearest water source and flood zones. The program offers wide market availability, rate stability, and excess flood capability with limits well above those prescribed by the National Flood Insurance Program.

"The Flood Analysis and Placement team consolidates decades of combined experience and expertise into one program, aiming to make it the most accessible and easy to use flood insurance program on the market," said Sorensen. "These seasoned flood insurance professionals aim to make Flood Analysis and Placement the most accessible and easy to use flood insurance program on the market."

The Flood Analysis and Placement team includes, Patrick Small, managing director, who will use his extensive experience in the flood insurance market to coordinate the Flood Analysis and Placement program; Thomas Becker, director, product development, whose considerable background in flood compliance will aid him in managing new business and program development; and Teri Lawson, senior underwriter, who will put her vast knowledge and industry experience to use managing the underwriting, rating, policy issuance, and compliance arms of the Flood Analysis and Placement team.

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 acquired Acordia, Inc. in May 2001.

Wells Fargo & Company is a diversified financial services company with $482 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the Internet (www.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."

Contact Information

  • CONTACT:
    Ellen M. Sievert
    847.209.6672