Wells Fargo Insurance Services expanded its insurance brokerage footprint this week with the acquisition of ISU Stetson-Beemer Insurance, a commercial property, casualty and employees’ benefits insurance brokerage and consulting firm based in Reno, Nevada.
Financial terms of the deal were not disclosed.
“With an excellent reputation, Stetson-Beemer has been a strong insurance brokerage business in Reno and Northern Nevada since 1923,” Greg Van Ness, regional managing director of Wells Fargo Insurance Services’ Sacramento/Central Valley region, said in a statement. “They will strengthen our growing presence in Nevada and further support Wells Fargo’s commitment to help customers succeed financially by addressing their insurance needs.”
Stetson-Beemer provides business and personal insurance programs and services, including property and casualty risk management, employee benefits, workers’ compensation, and personal auto, home and life insurance.
Richard Schield, president of Stetson-Beemer, and his team of approximately 24 employees will join Wells Fargo Insurance Services’ Reno office.
“By joining Wells Fargo Insurance Services, we have expanded our capabilities to better serve our clients and help them protect their businesses and employees in a changing environment,” Schield said. “We’re excited to provide our clients with access to more resources, financial services, and products. While we will have a new name, our clients will continue to be served by the same team of dedicated professionals and receive the superior level of service they’ve enjoyed in the past 88 years.”
Wells Fargo Insurance Services is the fifth-largest insurance brokerage in the world and the largest bank-owned insurance brokerage in the U.S. with more than 200 offices in 37 states.