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Wells Fargo Insurance Services Acquires Prestige Professional Plans

CHICAGO--(BUSINESS WIRE)--Wells Fargo Insurance Services USA, Inc. - part of Wells Fargo & Company - announced today they have acquired Prestige Professional Plans, a single office, employee benefits insurance brokerage firm located in Dayton, Ohio. The acquisition closed on December 1, 2010. Terms of the transaction were not disclosed.

"We will work with our local Dayton bankers to provide customers with fully integrated financial and insurance solutions for their businesses."

"By joining Wells Fargo Insurance Services, we have expanded our capabilities to better serve our customers and to help them protect their businesses and employees," said Penny Profitt, owner of Prestige Professional Plans. "We're excited to provide our customers with access to more financial services and products. While we have a new name, our customers will continue to be served by the same team of insurance professionals and will receive the superior level of service they have enjoyed for over 25 years."

Serving customers in Ohio since 1985, Prestige Professional Plans 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 Professional Plans has experience in all plan types, including fully-insured plans, self-funded plans, high deductible health plans, and health savings accounts (HSAs).

"Penny, and her firm Prestige Professional Plans, are well respected and the strong customer focus fits our business model," said Dan Goldapp, regional managing director of Wells Fargo Insurance Services, Midwest region. "This will strengthen our growing presence in Ohio and further support Wells Fargo Insurance Services and Wells Fargo's commitment to help our customers succeed financially."

"Our partnership with the Prestige Professional Plans will help to strengthen our commitment to maintaining a strong presence in Ohio," said Kevin Kenny, executive vice president, insurance brokerage East. "We will work with our local Dayton bankers to provide customers with fully integrated financial and insurance solutions for their businesses."

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.

Wells Fargo Third Party Administrators and Wells Fargo Disability Management are ranked as the third largest multiline third party administrators that offer employee benefits, and property and casualty claims administration (Business Insurance.) For more information about Wells Fargo Insurance Services, visit www.wellsfargo.com/wfis.

Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.2 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 more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #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.

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