Wells Fargo Buys 4 Agencies
Wells Fargo & Co.’s Wells Fargo Insurance Services Inc. reports it has bought four insurance agencies.
The insurance brokerage acquired Technology Insurance Services Inc., Redwood City, Calif; Rogers & Belding Insurance Agency Inc., El Paso, Texas; Richardson Group, Dover, N.H.; and Brehm Group, Inc. of Minneapolis, the employee benefits business only.
The firms did not disclose financial terms of the deals.
Wells Fargo said the staff of Rogers & Belding and Richardson Group will remain at their current locations. Brehm Group’s Employee Benefits division will be relocated to a Wells Fargo location in Bloomington, Minn., and Technology Insurance Services is becoming part of the Technology Services Practice.
These new agency acquisitions come following the October deal in which Wells Fargo Third Party Administrators, Inc. acquired claims handling firm JSL Administrators, a wholly owned subsidiary of J. Smith Lanier & Co.
Earlier this year, Wells Fargo renamed its insurance unit known as Acordia, Inc. — the nation’s fifth-largest insurance brokerage — to Wells Fargo Insurance Services.
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