Wells Fargo Insurance Services Acquires Procomp Benefit Resources, Inc.

<p class="bwalignc"><i><location value="LS/us.nj" idsrc="xmltag.org">New Jersey</location>-based firm to join company’s growing employee benefits business</i></p><p><location value="LU/us.nj.madisn" idsrc="xmltag.org">MADISON, N.J.</location>--(BUSINESS WIRE)-- <org value="ACORN:2781865686" idsrc="xmltag.org">Wells Fargo Insurance Services</org> – part of <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org> - have acquired <org>Procomp Benefit Resources, Inc.</org> an employee benefits brokerage and consulting firm based in <location value="LU/us.nj.hazlet" idsrc="xmltag.org">Hazlet, New Jersey</location>. The acquisition closed on <chron>September 1, 2011</chron>. Terms of the transaction were not disclosed. </p><p> “Procomp has a highly respected and experienced team of professionals whose sophisticated client focus fits our business model,” said <person>Peter Gilbertson</person>, regional managing director of <org value="ACORN:3796077522" idsrc="xmltag.org">Wells Fargo Insurance</org> Services’ Northeast region. “They will strengthen our growing presence in <location value="LS/us.nj" idsrc="xmltag.org">New Jersey</location> and further support Wells Fargo’s commitment to help customers succeed financially by addressing their insurance needs.” </p><p> Founded in 1997, Procomp is a full-service brokerage and consulting firm providing employee benefits, voluntary benefits, individual life and disability, and retirement services to middle-market and large employers focused on improving health and lowering the overall cost of healthcare. <person>Stephen Paternoster</person>, president and principal of Procomp, and his team will move to the <org value="ACORN:2781865686" idsrc="xmltag.org">Wells Fargo Insurance Services</org> office in <location value="LS/us.nj" idsrc="xmltag.org">New Jersey</location> and continue to serve their current clients from that location. </p><p> “By joining <org value="ACORN:2781865686" idsrc="xmltag.org">Wells Fargo Insurance Services</org>, we have expanded our capabilities to better serve our clients and help them protect their businesses and employees in a changing environment,” said Paternoster. “We’re excited to provide our clients with access to more resources, financial services, and products. While we have a new name, our clients will continue to be served by the same team of dedicated professionals and receive the superior level of service they’ve enjoyed for 18 years.” </p><p><b>About <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org></b></p><p><org value="ACORN:2781865686" idsrc="xmltag.org">Wells Fargo Insurance Services</org> is the fifth largest insurance brokerage in the world and the largest bank-owned insurance brokerage in the U.S. (<org>Business Insurance</org>, 2011) with more than 200 offices in 37 states. Its 7,000 insurance professionals place more than <money>$19 billion</money>* of risk premiums with experience in property, casualty, benefits, international, personal lines, and life products. </p><p> Wells Fargo Third Party Administrators and <org value="ACORN:3109187853" idsrc="xmltag.org">Wells Fargo Disability Management</org> are ranked as the third largest multiline third party administrators that offer employee benefits, and property and casualty claims administration (<i><org>Business Insurance</org>.) </i>For more information about <org value="ACORN:2781865686" idsrc="xmltag.org">Wells Fargo Insurance Services</org>, visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.wellsfargo.com%2Fwfis&esheet=50004835&lan=en-US&anchor=www.wellsfargo.com%2Fwfis&index=1&md5=1a6bbc5fad86be7cc477091f9d5f74cb">www.wellsfargo.com/wfis</a>. </p><p><org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org> is a nationwide, diversified, community-based financial services company with <money>$1.3 trillion</money> in assets. Founded in 1852 and headquartered in <location value="LU/us.ca.sanfrn" idsrc="xmltag.org">San Francisco</location>, <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (<a href="http://wellsfargo.com">wellsfargo.com</a> and <a href="http://wachovia.com">wachovia.com</a>), and other distribution channels across <location value="LB/nam" idsrc="xmltag.org">North America</location> and internationally. With approximately 275,000 team members, <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org> serves one in three households in America. <org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo & Company</org> was ranked No. 23 on<i> Fortune’s</i> 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. </p><p><i>*Figures include Wells Fargo Insurance Services <location value="LC/us" idsrc="xmltag.org">USA</location>, Inc., <org value="ACORN:3796077522" idsrc="xmltag.org">Wells Fargo Insurance, Inc.</org>, and <org>Rural Community Insurance Services</org></i></p><p><img alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&sty=20110916005189r1&sid=acqr4&distro=nx" /><span class="bwct31415" /></p><p><org value="NYSE:WFC" idsrc="xmltag.org">Wells Fargo</org><br /><person>Katie Ellis</person>, 415-222-3767 (Media)<br /><person>Jim Rowe</person>, 415-396-8216 (Investor Relations) </p><p>Source: <org value="ACORN:2781865686" idsrc="xmltag.org">Wells Fargo Insurance Services</org></p>