Transamerica's annuity to be offered by Wells.

Wells Fargo & Co. has agreed to be the first marketer of Transamerica Life Companies' newest fixed annuity.

The San Francisco banking company's retail investment sales people will offer the Value 5 annuity through 600 branches in California.

The product from Los Angeles-based Transamerica helps round out Wells Fargo's annuity offerings, a bank spokeswoman said.

Wells Fargo also sells annuities from Alexander Hamilton Life Insurance Co. of America, Farmington Hills, Mich., and Lincoln National Corp., Fort Wayne, Ind.

Wells Fargo's branch network represents a significant distribution channel for Transamerica, which is eager to expand its sales through financial institutions, executives at the insurance company said.

"We're very pleased with the arrangement," said Alison Pettingall, vice president of institutional products in Transamerica Life's living benefits division.

Transamerica was able to snare Wells Fargo with help from Marketing One, a Portland, Ore., investment-products marketing firm.

Marketing One has a selling agreement with Transamerica and also counts Wells Fargo among its clients for annuity services.

Marketing One's relationship with Wells Fargo goes back several years, when the marketer ran the bank's mutual fund and annuity sales program.

Wells Fargo brought the sales effort in house last year, but retained Marketing One to assist with annuities.

Transamerica wants to expand the Value 5 annuity's reach by offering it through additional banks, Ms. Pettingall said.

The company also offers other annuity products through investment marketing firms James Mitchell & Co., Sau Diego, and Talbot Financial Services, Albuquerque, N.M.

Transamerica finds that many banks prefer having annuities channeled to them through investment-products marketing firms, instead of working directly with insurers, Ms. Pettingall said. "A lot of banks really desire the training, processing, and other support services."

Wells-Transamerica

What's happening: Wells Fargo will sell Transamerica's new Value 5 annuity.

What Transamerica gets: Broad distribution through 600 branches.

What Wells gets: A brand-name product to fill out the bank's annuity line.

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