Hub International will snatch up the assets of Wells Fargo Insurance’s crop insurance broker business.
Neither side disclosed financial details.
Hub International is already a large, global insurance, providing property/casualty, life/health, employee benefits, investment and risk management products and services from offices throughout North America. The Wells Fargo business it is acquiring – Wells Fargo Crop Insurance Agency – maintains offices in South Dakota, North Dakota, Minnesota, Iowa, Nebraska and Indiana. It represents the top crop insurance providers and provides insurance brokerage services for more than 130 types of crops.
Rene LeVeaux, president of Hub International Mountain States (Hub Mountain), said that the company is investing heavily in its crop and agriculture business, and that Wells Fargo fits in nicely with its plans.
“This acquisition will position Hub Mountain as one of the largest crop brokers in the Midwest and Northwest,” LeVeaux said in prepared remarks. “As such, we will continue to provide additional resources to ensure our crop and agriculture clients receive the best products and services to protect their operations.”
Once the acquisition is complete, Wells Fargo Crop employees will join Hub Mountain. Jeff Kemink, national crop insurance manager for Wells Fargo Crop, and Jean Hinsverk, assistant VP and operations manager, will join Hub Mountain in leadership roles.
Source: Hub International