Wells Fargo Insurance Services Acquires Kinney Agency, Inc.

CHICAGO--(BUSINESS WIRE)-- Wells Fargo Insurance Services USA, Inc. – part of Wells Fargo & Company - announced today they have acquired Kinney Agency, Inc., a single office, commercial insurance brokerage firm located in Albuquerque, New Mexico. The acquisition closed on July 1, 2010. Terms of the transaction were not disclosed.

“By joining Wells Fargo Insurance Services, we have expanded capabilities to better serve our customers and help them protect their businesses and employees,” said Bart Kinney, managing shareholder of Kinney Agency. “We’re excited to provide our customers with access to more financial services and products. While we have a new name, our customers will continue to be served by the same team of insurance professionals and will receive the superior level of service they’ve enjoyed for 47 years.”

Serving customers in New Mexico since 1963, Kinney Agency provides commercial property and casualty insurance, specializing in contractor’s general liability, contract surety bonding, and other construction-related risks as well as retail and light industrial risks. The firm also offers customers employee benefits and personal insurance services.

“Kinney Agency has a highly respected team of professionals whose strong customer focus fits our business model,” said Paul Baldwin, regional managing director of Wells Fargo Insurance Services, Southwest region. “They will strengthen our growing presence in New Mexico and further support Wells Fargo Insurance Services and our commitment to help customers succeed financially.”

“Our partnership with the Kinney Agency will help to strengthen our commitment to maintain a strong presence in New Mexico,” said H. David Wood, executive vice president, insurance brokerage West of Wells Fargo Insurance Services. “We will work with our local bankers to provide customers with fully integrated financial and insurance solutions for their businesses.”

About Wells Fargo Insurance Services

Wells Fargo Insurance Services is the fourth largest insurance brokerage in the world and the largest bank-owned insurance brokerage in the U.S. (Business Insurance, 2009) with more than 200 offices in 37 states. Its 9,200 insurance professionals place more than $16 billion of risk premiums with experience in property, casualty, benefits, international, personal lines, and life products.

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet (wellsfargo.com and wachovia.com) across North America and internationally.

Wells Fargo Third Party Administrators and Wells Fargo Disability Management are ranked as the third largest multiline third party administrators that offer employee benefits, and property and casualty claims administration (Business Insurance.) For more information about Wells Fargo Insurance Services, visit www.wellsfargo.com/wfis.

Wells Fargo Insurance Services USA, Inc.
Katie Ellis, 415-222-3767 (Media)
Catherine Gacad, 415-396-8454 (Investors)

Source: Wells Fargo Insurance Services USA, Inc.