Wells Fargo Insurance Services -- part of Wells Fargo & Company
(NYSE:WFC stock) -- said today it has acquired the EMAR Group, one of the
nation’s largest independently-owned
commercial insurance agencies, headquartered in Livingston, New Jersey,
with an office in Florida. Terms of the agreement were not disclosed.
Founded in 1971 by Emil Solimine in New Jersey, EMAR is a leading local
agency in the Tri-state Region. It serves middle market and upper middle
market clients as well as risk management customers. The agency works
with businesses in diversified industries with a significant
concentration in transportation, construction, real estate, and
financial institutions industries. EMAR also has access to specialty
market programs in small business niches including the limousine
services and restaurant industries.
“Risk management is a key product area for our
middle market customers and large corporate clients,”
said Dave Zuercher, head of Wells Fargo’s
International and Insurance Services Group. “EMAR
will significantly expand and build on our commercial insurance
capabilities on the east coast. It’s another
opportunity for Wells Fargo to gain new customers and to achieve our
vision of satisfying all of our customers’
financial needs and help them succeed financially.”
“Joining up with the EMAR team will increase
our presence significantly in New Jersey,”
said Gary Tully, head of Wells Fargo Insurance Services Northeast, Inc. “With
our recent acquisition of Herder-Terricone Associates in Three Bridges
and the expansion of Wells Fargo Regional Commercial Banking in the
Tri-state region, we’re in a strong position
to meet even more of the financial needs of New Jersey companies and
consumers.”
“We’ve reached a
point in the development of our agency that the breadth of products and
services provided by Wells Fargo will help bring our business to the
next level,” said Solimine. “The
majority of our customers have been with us a long time because we bring
honest, experienced people to every relationship, a practice we know we
can continue as part of Wells Fargo.”
Solimine and his son, David, will continue bringing the EMAR
relationship business model to companies in Florida and New Jersey.
Wells Fargo Insurance Services, Inc. (wellsfargo.com/wfis) is the
fifth-largest insurance brokerage in the world with 170 offices in 37
states. Its 7,200 insurance professionals place $11.5 billion of risk
premiums with expertise in property, casualty, benefits, international,
personal lines and life products.
Wells Fargo & Company is a diversified financial services company with
$609 billion in assets, providing banking, insurance, investments,
mortgage and consumer finance through almost 6,000 stores and the
internet (wellsfargo.com) across North America and elsewhere
internationally. Wells Fargo Bank, N.A. is the only bank in the U.S.,
and one of only two banks worldwide, to have the highest possible credit
rating from both Moody’s Investors Service, “Aaa,”
and Standard & Poor’s Ratings Services, “AAA.”
Wells Fargo Gabriel Boehmer, 503-886-4186 (Media) Jeanine
Sundt, 612-667-9799 (Investors)
