Wells Fargo & Company (NYSE: WFC) has named Peter J. Wissinger to head Acordia, Inc., the Chicago-based Wells Fargo company which is the nation's fifth largest insurance broker. Wissinger, a 20-year Wells Fargo veteran, will succeed Kevin W. Conboy, who will retire from the company. Wissinger's appointment combines the leadership for all of Wells Fargo's insurance businesses under one senior executive. He will report to Dave Zuercher, head of International and Insurance Services, who will continue to serve as chairman of Acordia.
"Combining our insurance businesses under one senior executive gives us the opportunity to develop a single vision and growth strategy for all of Wells Fargo's insurance businesses in a rapidly evolving industry," said Zuercher. "As president and CEO of Wells Fargo Home Mortgage, Pete helped build that business into America's #1 retail mortgage originator and servicer, and we now want to become known as the #1 provider of insurance for all our 23 million Wells Fargo customers. His leadership and experience will enable us to make faster progress toward our vision of earning all the insurance business of all our households and businesses so we can help them succeed financially."
In addition to his new role, Wissinger will continue to be responsible for Wells Fargo's retail insurance businesses (Wells Fargo Insurance); continue to have oversight responsibility for Minnesota-based Rural Community Insurance Services (RCIS) -- the nation's largest crop insurance managing general agency; continue to oversee product development and direct sales of insurance in Community Banking; and remain liaison for insurance with Wells Fargo's Home and Consumer Finance Group. He will continue as a member of the board of Acordia, Inc., and a member of the Management Committee of Wells Fargo & Company. Wissinger will also continue as chairperson of the Wells Fargo Insurance Governance Group.
"The growing insurance market provides a tremendous opportunity for Wells Fargo to achieve our vision of being known as the #1 insurance provider in all our markets," said Wissinger. "Our customers tell us they want us to satisfy all of their insurance needs -- both home and business -- and do that in one place. We intend to be their provider of choice for all their insurance needs."
Wissinger joined Norwest Mortgage in 1984 as a vice president and store manager and was promoted, successively, to regional manager, division manager and national retail production manager. In 1997, he was given responsibility for the mortgage servicing portfolio. With the Norwest-Wells Fargo merger in 1998, he was named group managing director for Retail, Servicing, and Institutional Lending Sales and Operations. He was named president and chief operating officer two years later, and in January 2001 became head of Wells Fargo Home Mortgage. He was named to his current position in June 2004.
Conboy, a 20-year Acordia veteran, became president and CEO of Acordia, Inc. in March 2003. Prior to that, he was in charge of the east region for Acordia. He earned a promotion to chief operating officer in June 2002.
"Kevin is an outstanding insurance professional," said Zuercher. "His leadership and implementation skills were instrumental in moving Acordia higher in the overall rankings of insurance brokerages. Kevin led Acordia through a significant transition and was at the helm for two of the best financial years in the company's history. We wish him well as he retires from Acordia to start the 'next stage' of his career."
With over 150 offices in 38 states, Acordia, Inc., is the largest bank-owned insurance brokerage in the U.S. Its 4,500 insurance professionals place in excess of $8.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines and life products. For more information about Acordia, visit http://www.acordia.com.
Wells Fargo Wholesale Banking -- with $89 billion in assets, and more than 500 locations coast-to-coast -- includes middle market banking, corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign exchange, trade services, specialized lending, equipment finance, capital markets activities, and asset management. Its Commercial Electronic Office (CEO) (R) internet portal processes more than one million customer account log-ins a month. Wells Fargo is #1 in market share for middle market commercial customers in the western United States. Wholesale Banking accounts for about a quarter of the total earnings of Wells Fargo & Company.
Wells Fargo & Company is a diversified financial services company with $453 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only "Aaa" credit-rated bank in the United States.

Source: prnewswire