Four Virginia offices are being sold by Wells Fargo Insurance
Wells Fargo Insurance is selling 42 of its smaller regional brokerage and consulting offices to New York-based USI Insurance Services.
The offices include four in Virginia, in Abingdon, Bluefield, Grundy and Norfolk.
According to its website, USI now has six locations in the commonwealth: Virginia Beach, Exmore, Falls Church, Newport News , Norfolk and Richmond.
The terms of the transaction, expected to close in second quarter, were not disclosed. The 42 offices are located in 24 states.
Wells Fargo Insurance, part of San Francisco-based banking company Wells Fargo & Co., said the move stems from its increased focus on middle and upper middle market customers in key markets.
Those markets include Charlotte, Dallas, Minneapolis and San Francisco, where the company said its insurance business has the greatest growth potential and has stronger partnerships with the bank’s commercial customers.
Upon close of the transaction, Wells Fargo’s insurance brokerage and consulting business will operate in 55 locations.
Wells Fargo Insurance writes or places $15 billion of risk premiums annually.
USI is the 14th largest insurance broker in the world.