Wells Fargo To Exit Personal Insurance Biz

(RTTNews) - 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.