Plus   Neg

Wells Fargo To Exit Personal Insurance Biz

Wells Fargo & Co. (WFC) Tuesday said it it will exit the Personal Insurance business and immediately begin winding down marketing and product promotion activity.

The decision comes after a strategic assessment of the business, which began in early October 2017.

"Wells Fargo continually reviews our product and service offerings to ensure they meet our customers' needs and align with the company's long-term strategic goals," said Laurie Nordquist, head of Personal Insurance. "The decision to exit the Personal Insurance business reflects these practices, and we will wind down operations in a measured and responsible way for our existing customers."

In December 2015, Wells Fargo announced the sale of its crop insurance business, Rural Community Insurance Services to Zurich Insurance Group. On June 27, 2017, Wells Fargo announced the sale of Wells Fargo Insurance Services USA to USI Insurance Services.

Since 2003, Wells Fargo has offered auto, homeowners, renters and umbrella personal insurance products to consumers and anticipates completing the exit process during the first quarter of 2018. Until that time, Wells Fargo will continue to make available its suite of Personal Insurance products, in addition to servicing and managing customer policies.

This decision does not impact Wells Fargo's Wealth and Investment Management's life insurance practice.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Galaxy Entertainment Group (WYNN) Friday announced that it has agreed to purchase 5.3 million primary shares of Wynn Resorts Ltd. at a price of $175 a share, resulting in $927.50 million of gross proceeds to Wynn Resorts. The two sale, combined with a previous sale effectively eliminate ownership of founder and former CEO Steve Wynn in Wynn Resorts. Starbucks wants to be more efficient but it is risking the fragile loyalty of its most devoted customers. The ubiquitous chain plans a major push to get coffee lovers to use its mobile app to place their orders, but regulars prefer to buy their lattes by waiting in the queue. According to reports,... Taco Bell, the Mexican fast-food chain owned by Yum Brands Inc. (YUM), Thursday said it will start selling tortilla chips in grocery and convenience stores starting May. The chips will be available in Fire and Mild sauce packet flavors and also in a Classic flavor. "This launch of our first line...
comments powered by Disqus
Follow RTT