Wells Fargo Expands National Benefit Practice, Acquires BridgeStreet
San Francisco — March 5, 2009
Wells Fargo Insurance Services – part of Wells Fargo & Company (NYSE:WFC) – said it has acquired BridgeStreet Consulting Group, an employee benefits consulting firm. Terms of the transaction were not disclosed.
Founded by its two principals, Tim Prichard and Rob Combi, BridgeStreet is a national employee benefits administration and consulting firm. It provides customized employee benefit solutions for large employers focused on Absence Management, Group Insurance and Special Risk programs. BridgeStreet’s broad client base includes Fortune 1000 companies, large healthcare companies and public entities throughout the United States. BridgeStreet has offices in Walnut Creek, Calif., Houston and Seattle.
“BridgeStreet has developed a unique administrative and consulting model for their clients,” said Dave Zuercher, head of International and Insurance Services for Wells Fargo. “It will be a great asset as we continue to build upon our employee benefits model, cementing Wells Fargo’s position as one of the nation’s leading providers of financial services and further enable us to satisfy all the financial needs of our commercial customers.”
BridgeStreet Consulting Group has an experienced team of underwriting and product experts that allows the firm to provide professional benefit solutions to 750,000 employees while saving employers $150 million dollars in premium costs the past four years.
As part of the transaction, nearly all employees of BridgeStreet will remain with the business, offering a seamless transition for its clients.
“We’ve become known for our highly customized plans based on the individual needs of our clients and none of that will change,” said Prichard. “We’re excited about this new opportunity and the ability to expand our consulting services to areas where Wells Fargo has an established presence. This will enable us to provide our clients with additional resources to better accommodate their growing needs.”
“As employers struggle with increasing benefit costs and shrinking budgets, our focused underwriting and financial management services are well positioned to help them with these challenges,” said Combi. “Joining Wells Fargo will enable BridgeStreet to expand our expertise throughout the country.”
Wells Fargo Insurance Services, Inc., along with Wachovia Insurance Services, is the fifth-largest insurance brokerage and the largest bank-owned insurance brokerage in the United States, with more than 200 offices in 37 states. Its 9,600 insurance professionals place more than $15.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines and life products. For more information about Wells Fargo Insurance Services, visit www.wellsfargo.com/wfis.
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody’s Investors Service, “Aa1,” and Standard & Poor’s Ratings Services, “AA+.”