USI Insurance acquires Wells Fargo commercial insurance business

USI Insurance Services, the insurance brokerage and consulting firm headquartered in Valhalla, recently closed on its acquisition of Wells Fargo Insurance Services USA (WFIS) from Wells Fargo & Co. Terms of the transaction were not disclosed.

USI officials said the purchase includes the insurance brokerage and consulting, employee benefits and property and 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.

“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 of USI Insurance Services, in the deal announcement. Sicard called it “a transformational transaction for both USI and Wells Fargo Insurance” when the pending acquisition was first announced in June.

Wells Fargo had sought a buyer for its commercial insurance business to free the company to focus on its core banking business.

“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. Pelos also recognized “the extremely talented team of professionals who are leaving Wells Fargo to join USI” with the acquisition.