Wells Fargo Acquires Insurance Premium Finance Firm Flatiron

May 1, 2008

Wells Fargo Bank reports it has acquired the business of Colorado-based Flatiron Credit Co., Inc. and its operating subsidiaries. Flatiron was a subsidiary of TD Banknorth, N.A. and is one of the nation’s largest insurance premium finance companies. Terms of the transaction were not disclosed.

Flatiron handles insurance premium finance contracts for commercial property and casualty insurance through a national network of insurance agents and insurance brokers, managing general agents and insurance companies. It is headquartered in Denver with offices in San Antonio, Philadelphia, Boca Raton (Fla.), Boston, Chicago, and San Francisco.

Dave Zuercher, head of International and Insurance Services for Wells Fargo, said Flatiron will be his firm’s platform as it enters the premium finance business.

As part of the transaction, all employees of Flatiron will remain with the business, according to the companies.

Source: Wells Fargo & Co.
www.wellsfargo.com

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