Wells Fargo insurance head to stay on after USI deal

Tim Prichard, who was appointed head of Wells Fargo & Co.’s insurance brokerage in April, will join USI Insurance Services L.L.C. as a president of the firm as part of USI’s deal to purchase the bank-owned brokerage. 

In addition to offering employment to some 3,000 Wells Fargo employees coming over in the deal, USI was intent on keeping management in place, said Mike Sicard, USI chairman and CEO, said in an interview with Business Insurance on Tuesday.

“A big part of our desire and passion to do this transaction was what Tim and the leadership team have done and our wanting to partner with them,” Mr. Sicard said. “What the Wells Fargo team has done over the past five years, from our perspective, has been transformational and amazing.”

The companies announced early Tuesday that USI would buy Wells Fargo’s brokerage operations in a deal that will combine two brokerages each with about $1 billion in revenues.

Houston-based Mr. Prichard was executive vice president and head of the employee benefits national practice and regional managing director of the West region of Wells Fargo Insurance Services USA Inc. before being named to head the insurance brokerage unit two months ago. He succeeded Laura Schupbach, who moved over to run Wells Fargo’s consumer lending dealer services unit.

Mr. Prichard sees fresh opportunity in the combination.

“What it means for our clients is the ability to better serve them with additional resources and investments we may not have been able to make on our own,” Mr. Prichard said.