A bank-owned insurance distributor has made a move in the broker acquisition game.
Wells Fargo Insurance Services, part of Wells Fargo & Company, San Francisco (NYSE:WFC), has acquired Procomp Benefit Resources Inc., Hazlet, N.J., an employee benefits brokerage and consulting firm.
Wells Fargo is not saying how much it is paying for Procomp, but it says Stephen Paternoster, the former owner of the firm, and his employees will continue to work out of their current offices.
Procomp sells health insurance to large and midsize employers. It also sells voluntary benefits, retirement services programs, and individual life and disability products.
The office will become part of the network of offices in Wells Fargo Insurance Services’ Northeast region.
Wells Fargo Insurance Services is the fifth largest insurance brokerage in the world, and its parent is a bank holding company with $1.3 trillion in assets.
Some of the other companies that have been active in the benefits brokerage firm acquisition market in recent months include Digital Insurance Inc., Atlanta, and Arthur J. Gallagher & Company, Itasca, Ill. (NYSE:AJG).
- Allison Bell