Wells Fargo & Co. has announced that it will exit the personal insurance business and immediately begin winding down marketing and product promotion activity.
The company said in a statement that the decision came after a strategic assessment of the business, which began in early October 2017.
|Align strategic goals
"Wells Fargo continually reviews our product and service offerings to ensure they meet our customers' needs and align with the company's long-term strategic goals," said Laurie Nordquist, head of personal insurance. "The decision to exit the personal insurance business reflects these practices, and we will wind down operations in a measured and responsible way for our existing customers."
In December 2015, Wells Fargo announced the sale of its crop insurance business, Rural Community Insurance Services, and its subsidiary Rural Community Insurance Company, to Zurich American Insurance Company, a subsidiary of Zurich Insurance Group. The sale was completed in 2016.
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