USI Insurance Services announced the closing on its acquisition of Wells Fargo Insurance Services USA (WFIS), formerly part of Wells Fargo & Co.
This purchase includes the commercial insurance brokerage and consulting, employee benefits and property/casualty insurance national practices of WFIS, along with its Safehold Special Risk, small business insurance, student insurance, individual health and private risk management business lines. Terms were not disclosed.
The plan to sell the business to USI was announced in June. In May, Bloomberg had reported that Alliant Insurance Services was also in the running along with USI to buy the business for as much as $2 billion.