Wells Fargo Adds To Insurance Offerings With Med-Scan Purchase

San Francisco, CA (AHN) - Wells Fargo Insurance Services announced Tuesday that it will acquire Indiana-based insurance broker American Med-Scan. Terms of the deal were not disclosed.

Wells Fargo Insurance Services is a unit of Wells Fargo and Co. and is the nation's fifth largest insurance broker.

American Med-Scan will be added to Wells Fargo's stable of businesses in the Indiana region, which include 38 banking stores, 10 mortgage stores, 15 consumer finance stores, a regional commercial banking office and 5 insurance brokerage offices. American Med-Scan's business will be consolidated into Wells Fargo's Indianapolis office.

"We want to offer expanded services and support to American Med-Scan's customers as we continue to expand in the Indianapolis area," said John M. Murphy, managing director of Wells Fargo Insurance Services' office in Indianapolis, according to a company press release.

"We've grown to become one of America's largest insurance brokerage companies by combining our national resources with great local agencies like American Med-Systems, Inc.," said Dave Zuercher, president and CEO of Wells Fargo Insurance Services. "We'll continue to look for agency acquisitions that fit our vision, values and geographic needs."

Shares of Wells Fargo were trading 5 percent higher at $24.75 on Tuesday.