Wells Fargo Acquires California Benefits Broker

Wed. August 13, 2008; Posted: 03:04 PM

SANTA ROSA, Calif., Aug 13, 2008 (A. M. Best via COMTEX) -- WFC | Quote | Chart | News | PowerRating -- Wells Fargo Insurance Services Inc. subsidiary ABD Insurance and Financial Services has acquired Martin Financial/Insurance Services, an employee benefit specialist based in Santa Rosa, Calif.

Terms of the transaction were not disclosed.

Martin shareholder Bud Martin and six Martin staff members will integrate their practice into the Wells Fargo of California Insurance Services? North Bay operations, Wells Fargo said in a statement.

Wells Fargo Insurance, a subsidiary of Wells Fargo & Co. (NYSE: WFC), said the acquisition gives it 12 insurance brokerage offices in northern California.

Earlier this year, Wells Fargo acquired a Missouri employee benefits firm (BestWire, Feb. 29, 2008).

Chicago-based Wells Fargo Insurance Services, formerly Acordia Inc., operates more than 150 offices in 38 states with 4,500 professional employees. It places more than $11.5 billion of risk premiums in property/casualty, benefits, international, personal lines and life products. Wells Fargo & Co. acquired Acordia in May 2001.

Wells Fargo Insurance was the fourth-largest broker in the world in 2007, based on brokerage revenue, according to the Best?s Review ranking of global brokers.

Shares of Wells Fargo & Co. were selling at $29.26 in afternoon trading on Aug. 13, down 3.69% from the previous close.

(By Alyn Ackermann, senior associate editor, BestWeek: Alyn.Ackermann@ambest.com)

For full details on Wells Fargo & Co New (WFC) click here. Wells Fargo & Co New (WFC) has Short Term PowerRatings of 5. Details on Wells Fargo & Co New (WFC) Short Term PowerRatings is available at This Link.

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