Wells Fargo, the largest U.S. home lender, agreed to sell more than 40 percent of its insurance brokerage locations to focus bricks-and-mortar operations on higher-growth regions and bigger clients.
USI Insurance Services will purchase 42 of Wells Fargo’s insurance brokerage and consulting offices, according to a statement Friday from the San Francisco-based lender. The remaining 55 locations are in larger markets that generate more than 90 percent of brokerage revenue, according to Laura Schupbach, head of Wells Fargo Insurance.
