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USI finalizes Wells Fargo Insurance Services acquisition

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USI Insurance Services Inc. has closed on its acquisition of Wells Fargo Insurance Services USA Inc., USI said in a statement early Monday.

The deal, announced in June, combines two leading brokers, each with roughly $1 billion in revenue, and vaults USI up the rankings of the world’s largest brokerages.

The deal includes the insurance brokerage and consulting, employee benefits and property/casualty national practices of Wells Fargo, along with its Safehold Special Risk, small business insurance, student insurance, individual health and private risk management insurance business lines, the statement said.

Terms of the transaction, which was finalized Nov. 30, were not disclosed.

“With the combined strength of our two market-leading companies, USI is one of the largest and strongest insurance brokerage and consulting firms in the world,” Michael J. Sicard, chairman and CEO of USI Insurance Services, said in the statement.

Mr. Sicard spoke to Business Insurance about the deal and the brokerage sector in December’s View from the Top .