Wells Fargo Insurance Acquires New Jersey-Based Procomp

Wells Fargo Insurance Services has acquired Procomp Benefit Resources Inc., an employee benefits brokerage and consulting firm based in Hazlet, N.J. Terms of the transaction were not disclosed.

The acquisition will allow Wells Fargo Insurance Services to further expand its employee benefits business in New Jersey. Stephen Paternoster, president and principal of Procomp, and his team will move to the Wells Fargo Insurance Services office in New Jersey and continue to serve their clients from that location.

Founded in 1997, Procomp provides employee benefits, voluntary benefits, individual life and disability, and retirement services to middle-market and large employers.

Wells Fargo Insurance Services (formerly Acordia) provides insurance brokerage and administrative services, as well as financial and consulting services. It is the fifth-largest insurance brokerage and the largest bank-owned insurance brokerage in the United States.