Less than a week after acquiring an Ohio insurer, Wells Fargo Insurance Services USA Inc. announced it bought JFK Consulting Group, LLC, an employee benefits brokerage and consulting firm in Overland Park, Kansas.
Serving customers primarily in Kansas and Missouri, JFK Consulting Group provides employee benefit brokerage and consulting services customers, including small and mid-market fully-insured plans, large self-funded corporate plans, public sector employers, and association plans.
The deal closed Nov. 29, but the price was not disclosed.
“By joining Wells Fargo Insurance Services, we have expanded our capabilities to better serve our customers and help them protect their businesses and employees,” said Jess F. Knoth, president of JFK Consulting Group, LLC.
Kevin Kenny, an executive vice president of insurance brokerage East for the Wells Fargo & Co., unit, said that the acquisition will strengthen the company’s presence in Kansas. Wells Fargo Insurance is the fifth largest insurance brokerage in the world and the largest bank-owned insurance brokerage nationally. It has 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.
Last week, Wells Fargo Insurance announced it bought Prestige Professional Plans, a single office, employee benefits insurance brokerage firm in Dayton, Ohio. Prestige, which launched in 1985, provides business and individual customers with employee benefits consulting and brokerage services including, medical, dental, life, vision, disability, and various other health insurance plans. Prestige offers fully-insured plans, self-funded plans, high deductible health plans, and health savings accounts.