R-T Specialty, LLC Announces Agreement to Acquire American E&S Insurance Brokers From Wells Fargo Insurance Services
February 7, 2011, CHICAGO, IL –R-T Specialty, LLC, the wholesale brokerage unit of Ryan Specialty Group, LLC, announced today that it entered into an agreement to purchase the wholesale insurance business of American E&S Insurance Brokers (AES) from Wells Fargo Insurance Services, a subsidiary of Wells Fargo & Company (NYSE: WFC).
R-T Specialty, LLC, will acquire substantially all of the operating assets and related liabilities of AES, including eight office locations: San Francisco, Fresno and Irvine, CA, as well as New York, Denver, CO, Atlanta, GA, Nashville, TN and Seattle, WA. RT Specialty will also hire nearly all of the employees in those office locations.
Neal Aton, president and CEO of Wells Fargo Insurance Services, said the sale of its E&S insurance wholesaler allows the company to focus on its core retail operations and other niche businesses including Wells Fargo Special Risks, which offers customers underwriting and backroom support services. “This decision enables us to more effectively manage conflicting interests in the E&S marketplace, and thus serve our customers better.” Aton continued, “Furthermore, it gives our AES team members an outstanding opportunity with a fast-growing company and ongoing partner.”
RSG Chairman and CEO, Patrick G. Ryan, adds, “This transaction is a strategic move for us because it will increase the breadth and scope of our specialty wholesale operation. Having positioned our capabilities in metropolitan locations nationwide, we will reinforce our presence in those locations and also establish our presence in other key locations. Additionally, these talented employees bring substantial benefit with their established relationships and professional expertise.”
For more information about Wells Fargo Insurance Services, contact Alan Elias at (415) 947-3994, email@example.com
About Ryan Specialty Group, LLC
Ryan Specialty Group, LLC is a global holding company specializing in wholesale brokerage, MGU/MGA underwriting facilities and other specialty services to agents, brokers and carriers. www.ryansg.com
About R-T Specialty, LLC
R-T Specialty, LLC (RT) is the wholesale brokerage arm of Ryan Specialty Group, LLC (RSG), a global holding company of a wholesale brokerage, MGU/MGA underwriting facilities and other specialty services to agents, brokers and insurance carriers. RT Specialty focuses on high-hazard, tough property, casualty, transportation, and professional and management liability risks. R-T Specialty Insurance Services, LLC License #OG97516. www.rtspecialty.com
About Wells Fargo Insurance Services
Wells Fargo Insurance Services is the fifth largest insurance brokerage in the world and the largest bank-owned insurance brokerage in the U. S. (Business Insurance, 2009) with more than 200 offices in 37 states. Its 9,200 insurance professionals place more than $16 billion of risk premiums with experience in property, casualty, benefits, international, personal lines, and life products.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.