Jan. 23 (Bloomberg) — Wells Fargo & Co., the largest U.S. home lender, agreed to sell more than 40 percent of its insurance brokerage locations to focus bricks-and-mortar operations on higher-growth regions and bigger clients.
USI Insurance Services will purchase 42 of Wells Fargo's insurance brokerage and consulting offices, according to a statement today from the San Francisco-based lender. The remaining 55 locations are in larger markets that generate more than 90 percent of brokerage revenue, according to Laura Schupbach, head of Wells Fargo Insurance.
Chief Executive Officer John Stumpf, 60, has sought to increase sales at the lender's insurance brokerage business to diversify revenue and strengthen customer ties. Clients who don't have access to standalone insurance offices can still arrange coverage through Wells Fargo bank branches that are served by call centers.
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