USI Insurance Services Announces Closing of Acquisition of Wells Fargo Commercial Insurance Business

VALHALLA, New York, Dec. 4 -- Wells Fargo, a community-based financial services company, issued the following news release:

USI Insurance Services ("USI") announced today the closing on the acquisition of Wells Fargo Insurance Services USA ("WFIS"), formerly part of Wells Fargo & Company ("Wells Fargo") (NYSC:WFC). This purchase includes the Insurance Brokerage and Consulting, Employee Benefits and Property & Casualty national practices of WFIS, along with its Safehold Special Risk, Small Business Insurance, Student Insurance, Individual Health and Private Risk Management Insurance business lines. Terms of the transaction were not disclosed.

"With the combined strength of our two market leading companies, USI is one of the largest and strongest insurance brokerage and consulting firms in the world," said Michael J. Sicard, chairman and CEO, USI Insurance Services. "We serve large risk management clients, middle market companies, smaller firms, and individuals with a full range of property & casualty, employee benefits, personal risk, program and retirement solutions. Together, our combined ONE Advantage delivers a superior industry platform which integrates the USI Omni Knowledge Engine(TM) with an industry leading Network of expertise, delivered through an Enterprise process to customize different and better solutions, resources and service for each client, with positive, measureable results. We are thrilled to join together with the tremendous professionals of Wells Fargo Insurance Services."

"This strategic transaction is the result of hard work from the outstanding teams of both companies," said Perry Pelos, head of Wells Fargo Wholesale Banking. "I also want to recognize the extremely talented team of professionals who are leaving Wells Fargo to join USI. I'm confident they will continue to be successful as they serve clients' insurance needs as part of this strong industry leader."

About USI

USI is a one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects together over 6,000 industry leading professionals across more than 150 offices to serve clients' local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage(R), an interactive platform that integrates proprietary and innovative client solutions, networked local resources and expertise, and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit usi.com.