Hub International to acquire Wells Fargo’s crop insurance brokerage
Hub International Ltd., a leading global insurance brokerage based in Chicago, announced today that it has signed a purchase agreement to acquire the assets of Wells Fargo Insurance Inc.’s crop insurance broker business. Terms of the agreement were not disclosed. Representing the top crop insurance providers, Wells Fargo Crop Insurance Agency 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. The acquisition will position Hub International Mountain States Ltd. as one of the largest crop brokers in the Midwest and Northwest. Following the acquisition, the Wells Fargo Crop team members will join Hub Mountain, continuing to service and support clients. In June, Wells Fargo announced it would sell its commercial insurance business to New York-based USI Insurance Services.