Wells Fargo Exits Commercial Insurance
Wells Fargo agreed to sell its commercial insurance business to private insurer USI Insurance Services , as it plans to focus on core banking products and services. Financial terms were not disclosed. Wells Fargo Insurance employees will join USI in the purchase, including approximately 200 working in Charlotte, the bank said.
The deal comes after a sales scandal that led to a $190 million regulatory settlement, launches of other government probes, the firing of several bankers and the departure of CEO John Stumpf.
The insurance arm of the bank provides small business, middle market, large corporate and high-net-worth clients with property and casualty, professional risk, employee benefits, private risk solutions and targeted insurance programs. And this isn’t the first time USI acquires something/anything from Wells Fargo. Recall. Back in 2014, it acquired some 42 smaller brokerage offices from Wells Fargo Insurance. Back then it was part of a ‘growth strategy’. Now it is part of a stability strategy .
Book roll, anyone?
