Deals
Wells Fargo Said to Explore Sale of Insurance Brokerage Unit
- Possible sale said to be worth $2 billion as bank cuts costs
- Private equity firms seek insurer deals, lured by cash flow
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Wells Fargo & Co. is weighing a sale of its insurance brokerage business, which could fetch about $2 billion, people familiar with the matter said.
The San Francisco-based lender has begun reaching out to private equity firms to gauge interest in Wells Fargo Insurance Services USA Inc., said the people, who asked not to be identified because the matter isn’t public. While the company is planning to move forward with a sale, it hasn’t set a timeline for holding a formal auction, one of the people said.