Wells Fargo & Co.'s insurance arm announced Wednesday that it bought Insurance Brokers of America.
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The St. Louis insurance company will be merged into Wells Fargo Insurance Services, and its executives will be retained.
Insurance Brokers of America offers an array of risk management services, including property/casualty and employee benefits coverages.
Wells Fargo Insurance Services is the fifth-largest insurance brokerage company and the largest bank-owned one in the United States. It has more than 150 offices in 38 states, employees 4,500 insurance professionals, and collects more than $11.5 billion of risk premiums.
The acquisition closed Feb. 1, but the price of the deal was not disclosed.
