San Francisco-based Wells Fargo & Co. said that Wachovia Insurance Services Inc. has changed its name to Wells Fargo Insurance Services USA Inc. The combined business makes Wells Fargo the world’s fourth largest insurance firm and the largest bank-owned insurance brokerage in the United States, the company said.
Wells Fargo Insurance Services USA Inc. will become a direct subsidiary of Wells Fargo Insurance Services next year.
Wells Fargo Insurance Services Inc., along with Wachovia Insurance Services, places $15.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines and life products. The combined company has nearly 200 offices in 37 states and more than 7,500 insurance professionals.
Wells Fargo’s acquisition of Wachovia was approved in October 2008.
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