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Wells Fargo Insurance Services, Inc. - part of Wells Fargo & Company (NYSE:WFC) - said it has acquired Sierra Self Insurance Services, LLC. Sierra Self Insurance Services is a single office, a retail insurance broker in Grass Valley, California, northwest of Sacramento. The acquisition closed on October 1, 2009; terms of the transaction were not disclosed.
Sierra Self Insurance Services principals have served their customers for nearly 30 years. The company brokers excess liability, property, and workers' compensation insurance, and consults on the funding and structure of such coverages for large school district pools known as Joint Powers Authorities (JPA). Sierra Self Insurance Services focuses on California public school business and has proprietary proficiency. It also manages claims administration for property and liability coverage for those member school districts.
"We'll continue to serve our customers the same ways we have in the past," said Michael Krill, an owner of Sierra Self Insurance Services. "Joining Wells Fargo is a great benefit for our customers. We'll expand our capabilities to help customers protect their businesses and employees and help them grow their assets through Wells Fargo."
"Sierra Self Insurance Services has a highly respected team of professionals," said Greg Van Ness, regional managing director of Wells Fargo Insurance Services. "The team will strengthen and further support Wells Fargo Insurance Services to satisfy all their financial needs and help them succeed financially."
"Sierra Self Insurance Services is an outstanding retail brokerage firm and we're excited to welcome their team of professionals to Wells Fargo," said H. David Wood, head of insurance brokerage operations in the western U.S. for Wells Fargo Insurance Services. "They will strengthen our growing presence in California and further support Wells Fargo Insurance Services and the Wells Fargo commitment to help our customers succeed financially."
Wells Fargo Insurance Services, Inc., is the fourth largest insurance brokerage in the world and the largest bank-owned insurance brokerage in the U. S. (Business Insurance, 2008) with more than 200 offices in 37 states. Its 9,200 insurance professionals place more than $15.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines, and life products.
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
Wells Fargo Third Party Administrators and Wells Fargo Disability Management are ranked as the third largest multiline third party administrators that offer employee benefit, and property and casualty claims administration (Business Insurance.) For more information about Wells Fargo Insurance Services, visit www.wellsfargo.com/wfis.
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