Chicago-based Wells Fargo Insurance Services (WFIS), a unit of San Francisco-based, $1.2 trillion-asset Wells Fargo & Co., has acquired Tampa, FL-based commercial insurance agency iLeader Risk Management Solutions and Mercer Island, WA-based employee benefits agency Orca Bay Benefits. Both agencies will merge into WFIS, which operates 200 offices in 37 states. WFIS President and CEO Neal Aton said, “We will continue this deliberate strategy to seek acquisition opportunities that bring meaningful value to customers and deepen Wells Fargo’s nationwide commitment to insurance brokerage.” In 2008, Wells Fargo & Co. reported $1.6 billion in insurance brokerage income, which comprised 9.8% of its noninterest income. The company ranked first in insurance brokerage earnings among all U.S. bank holding companies (BHCs) engaged in significant banking activities, according to the Michael White-Prudential Bank Insurance Fee Income Report. (These figures do not include results of Wachovia Corporation, which Wells Fargo bought on December 31, 2008, because neither Wachovia nor Wells Fargo filed income statement figures for Wachovia for year-end 2008.)
Tuesday, December 15, 2009
WELLS FARGO ACQUIRES TWO MORE AGENCIES
Chicago-based Wells Fargo Insurance Services (WFIS), a unit of San Francisco-based, $1.2 trillion-asset Wells Fargo & Co., has acquired Tampa, FL-based commercial insurance agency iLeader Risk Management Solutions and Mercer Island, WA-based employee benefits agency Orca Bay Benefits. Both agencies will merge into WFIS, which operates 200 offices in 37 states. WFIS President and CEO Neal Aton said, “We will continue this deliberate strategy to seek acquisition opportunities that bring meaningful value to customers and deepen Wells Fargo’s nationwide commitment to insurance brokerage.” In 2008, Wells Fargo & Co. reported $1.6 billion in insurance brokerage income, which comprised 9.8% of its noninterest income. The company ranked first in insurance brokerage earnings among all U.S. bank holding companies (BHCs) engaged in significant banking activities, according to the Michael White-Prudential Bank Insurance Fee Income Report. (These figures do not include results of Wachovia Corporation, which Wells Fargo bought on December 31, 2008, because neither Wachovia nor Wells Fargo filed income statement figures for Wachovia for year-end 2008.)
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