Wells Fargo Purchases The Richardson Group

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SAM Magazine-Chicago, Jan.11, 2008-Wells Fargo Insurance Services, Inc., has acquired Dover, N.H.-based The Richardson Group. The acquisition closed Dec. 1, 2007; terms of the transaction were not disclosed.

The third largest provider of ski resort insurance in the U.S., The Richardson Group specializes in sports, entertainment and health club insurance programs. The agency will continue serving customers from its 34 Dover offices.

"All Richardson Group insureds will benefit from this acquisition," said John Gray, president of The Richardson Group. "Realigning our business with such a respected company enhances our ability to provide better coverage, better pricing, a wider range of new and sophisticated products, and increases our customers' exposure to additional loss control and claims handling on a national level."

"The Richardson Group is an outstanding agency with a highly respected team of insurance professionals," said John Roberts, managing director of Wells Fargo Insurance Services' resorts and recreation division. "They will strengthen our presence in sports and entertainment insurance program practices and further support Wells Fargo Insurance Services and the Wells Fargo commitment to help our customers succeed financially".

Wells Fargo Insurance Services, formerly Acordia, Inc., is the fifth-largest insurance brokerage and the largest bank-owned insurance brokerage in the United States, with more than 150 offices in 38 states. Wells Fargo acquired Acordia in May of 2001. \