USI Insurance Services (USI) agreed to acquire 42 of Wells Fargo Insurance's brokerage and consulting locations across the country.
As an effort to expand USI's presence as one of the leading middle market insurance brokerage and consulting firms, the acquisitions will serve to compliment USI's full suite of property and casualty, employee benefits, personal lines, retirement and specialty offerings.
“We are honored to welcome this dedicated group of insurance professionals to USI, and we will work together to share the unique set of combined solutions and resources with our future clients and associates,” said Michael J. Sicard, USI's chairman, president and chief executive officer.
The agreement dictates that USI will acquire the following Wells Fargo Insurance locations: (Ala.) Birmingham, Tuscaloosa; (Alaska) Anchorage; (Calif.) Fresno, Grass Valley; (Fla.) West Palm Beach; (Ga.) Savannah; (Idaho) Boise; (Ill.) Springfield; (Ind.) Elkhart, Fort Wayne; (Kan.) Overland Park; (Ky.) Lexington, Louisville; (Mich.) Grand Rapids; (Minn.) Grand Rapids, St. Cloud, Virginia; (Neb.) Omaha; (N.M.) Albuquerque; (N.D.) Bismark, Minot, Valley City; (Ohio) Dayton, Youngstown; (Ore.) Eugene, Newport; (Pa.) Erie; (S.C.) Columbia; (Tenn.) Knoxville; (Texas) El Paso; (Utah) Salt Lake City; (Va.) Abingdon, Bluefield, Grundy, Norfolk; and (W. Va.) Beckley, Charleston, Huntington, Martinsburg, Morgantown, Wheeling.
“We look forward to building and expanding in these cities and states with an innovative and comprehensive set of solutions, including middle market property-casualty, employee benefits, personal lines, retirement, programs, and other specialty lines,” Sicard said.
The transaction is expected to close in the second quarter of 2014. Terms of the agreement were not disclosed.
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