USI Insurance Services Announces Agreement to Purchase Wells Fargo Commercial Insurance Business

By a News Reporter-Staff News Editor at Insurance Weekly News -- USI Insurance Services (" USI") has entered into an agreement with Wells Fargo & Company ("Wells Fargo") (NYSE:WFC), to purchase Wells Fargo Insurance Services USA (WFIS), which includes its Insurance Brokerage and Consulting, Employee Benefits and Property & Casualty national practices, along with Safehold Special Risk, Small Business Insurance, Student Insurance, Individual Health and Private Risk Management Insurance business lines. Terms of the transaction were not disclosed. The transaction is expected to close fourth quarter 2017, subject to, among other customary conditions, expiration or termination of the waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended.

Michael J. Sicard, chairman and CEO, USI Insurance Services, said: "This is a transformational transaction for both USI and Wells Fargo Insurance. Together, we create a premier industry leader with an un-matched team of exceptional sales consultants, account executives, technical resources and team members. We share a common culture and values, including a focus on delivering a truly different and better set of solutions with bottom line impact. We call it the USI ONE Advantage®, a disruptive combination of expertise and innovation. Together, we bring a full suite of distinctive property & casualty, employee benefit, personal risk and retirement solutions, to middle market, large corporate, small business and individuals. We are excited to join together with our new partners, and create an exciting, new home for our existing and future team members who want to be a part of a fast growing, innovating industry leader."

Jones Day and Simpson Thacher & Bartlett LLP are serving as legal advisors to USI. PSP Investments and CDPQ, through its opportunistic credit activities, provided a portion of the committed financing for the transaction.

Keywords for this news article include: USI Insurance Services.

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