logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
In a move likely to further inflame global trade tensions, President Donald Trump has threatened to impose a 20 percent tariff on all cars imported to the U.S. from the European Union. Trump claimed he would impose the new tariffs unless the EU removes tariffs and trade barriers placed on the U.S. The Federal Reserve has determined that the largest U.S. banks are strongly capitalized and would be able to lend to banks as well as households during a severe global economic recession. This is the fourth straight year that all banks have met the Federal Reserve's standards. The first round of results of the supervisory stress tests were released by the central bank on Thursday. The "safety" driver behind the wheel of a self-driving Uber was streaming a television show on her smartphone up until about the time of a fatal crash in March, according to a report from the Tempe Police Department. Uber's self-driving Volvo SUV, which was traveling at under 44 miles per hour, had struck and killed a pedestrian in Arizona on March 18.
Follow RTT