Hub International Signs Purchase Agreement To Acquire Wells Fargo Insurance, Inc.'s Crop Business

News provided by

Nov 09, 2017, 08:00 ET

CHICAGO, Nov. 9, 2017 /PRNewswire/ -- Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has signed a purchase agreement to acquire the assets of Wells Fargo Insurance, Inc.'s crop insurance broker business (Wells Fargo Crop). Terms of the agreement were not disclosed.

With offices in South Dakota, North Dakota, Minnesota, Iowa, Nebraska and Indiana, Wells Fargo Crop Insurance Agency offers insurance solutions to protect agriculture-related operations. Representing the top crop insurance providers, Wells Fargo Crop provides insurance brokerage services for more than 130 types of crops, plus standard federal multi-peril and crop hail policies. It also helps farmers protect their operations with programs such as revenue protection and state-specific offerings.

Rene LeVeaux, President of Hub International Mountain States Limited (Hub Mountain), said, "Hub Mountain is aggressively investing in its crop and agriculture business. This acquisition will position Hub Mountain as one of the largest crop brokers in the Midwest and Northwest. As such, we will continue to provide additional resources to ensure our crop and agriculture clients receive the best products and service to protect their operations."

Following the acquisition, the Wells Fargo Crop team members will join Hub Mountain, continuing to service and support clients. Jeff Kemink, National Crop Insurance Manager of Wells Fargo Crop, and Jean Hinsverk, Assistant VP and Operations Manager, will join Hub Mountain in leadership roles. Kemink will report to LeVeaux and Hinsverk directly to Kemink with a close partnership with Wayne Dauwen, COO of Hub Mountain.

"Our clients will continue to receive the same dedicated sales and service support from team members who have assisted them in the past with their crop and operations protection," said Kemink. "By joining Hub, they will also benefit from Hub's extensive network of insurance specialists in management liability, employee benefits and risk services to best help them protect and grow their businesses."

About Hub's M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience, visit WeAreHub.com.

About Hub International
Headquartered in Chicago, IL, Hub International Limited is a leading global insurance brokerage that provides property and casualty, life and health, employee benefits, investment and risk management products and services from offices located throughout North America. For more information, please visit hubinternational.com.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,400 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 268,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2017 rankings of America's largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

HUB Media: Marni Gordon
Phone: 312-279-4601
[email protected]
HUB M&A: Clark Wormer
Phone: 312.279.4848
[email protected]
Wells Fargo Media: Sarah Hatch
505-818-7480
[email protected]
Wells Fargo Investor Relations: John Campbell
(415) 396-0523
[email protected]