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Hub International Ltd. on Thursday said it has agreed to buy Wells Fargo Insurance Inc.’s crop insurance broker business, Wells Fargo Crop.
Terms of the deal were not disclosed.
The crop insurance business is the final piece of commercial insurance brokerage business that Wells Fargo owned following its agreement to sell the bulk of its brokerage operation to USI Insurance Services L.L.C. in June.
The business includes offices in South Dakota, North Dakota, Minnesota, Iowa, Nebraska and Indiana, and provides insurance brokerage services for more than 130 types of crops, in addition to standard federal multiperil and crop hail policies and programs such as revenue protection and state-specific offerings, Hub said in a statement.
Following the acquisition, Wells Fargo Crop team members will join Hub International Mountain States Ltd., with executives moving into leadership roles, the statement said.
Jeff Kemink, national crop insurance manager of Wells Fargo Crop, will report to Rene LeVeaux, president of Hub Mountain; and Jean Hinsverk, assistant vice president and operations manager, will report to Mr. Kemink, in close partnership with Wayne Dauwen, COO of Hub Mountain, the statement said.
“Hub Mountain is aggressively investing in its crop and agriculture business,” Mr. LeVeaux said in the statement. “This acquisition will position Hub Mountain as one of the largest crop brokers in the Midwest and Northwest.”
Hamilton, Bermuda-based Everest Re Group, Ltd. has signed a letter of intent to sell its U.S. crop insurer, Heartland Crop Insurance Inc., to Jacksonville, Illinois-based CGB Diversified Services Inc.