Newly acquired by USI Insurance Services, an old Wells Fargo office in Overland Park finally has a chance to expand.
“For the first time in probably 10 years, we’ll see real, potential growth in the agency,” said Steve Chubb, the location’s sales executive.
The office is one of 40 locations nationwide that USI Insurance Services acquired from Wells Fargo Insurance last month. Terms were not disclosed.
Chubb was the managing director of the area Wells Fargo office, and, like the rest of the staff, he’s staying through the transition and will head the new practice.
Wells Fargo decided to shed the commercial insurance locations in its smaller markets to focus more on its bigger markets. Meanwhile, USI, which focuses on customers in small and middle-size communities, was looking to establish a presence in the Midwest. Chubb said his office’s transition fit both of those needs.
“This is a perfect fit and time for these offices to be purchased and transitioned to USI,” he said.
The acquisition will allow the office to expand. Chubb said he hopes to hire one or two more sales people, along with possibly more support staff. The office currently staffs five people, who handle both property and casualty insurance and employee benefits insurance. All of the former Wells Fargo staff are staying on through the transition.
As for the location’s clients, Chubb said they will be better served under USI, with better access to programs, products and tools.
“The tools in the USI family are much more robust products,” he said. “All of us are excited to move into circles that we previously didn’t have access to.”
He said USI is “making a commitment to grow these locations across the U.S. And past history indicates and shows that they will follow through with that commitment.”
USI is the third largest privately held insurance broker in the U.S. and is headquartered in Valhalla, N.Y.
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