Wells Fargo Insurance Services said Friday that it had acquired an employee benefits brokerage and consulting firm in Hazlet, N.J., Procomp Benefit Resources Inc.
The financial terms of the deal, which closed on Sept. 1, were not disclosed.
Procomp, founded in 1997, provides employee benefits, individual life and disability, and retirement services to middle-market and large employers that seek to lower health-care costs. The president and principal of Procomp, Stephen Paternoster, and his team will join the Wells Fargo Insurance Services office in New Jersey.
Wells Fargo Insurance Services, a unit of Wells Fargo & Co., is the fifth-largest insurance brokerage in the world and the largest bank-owned insurance brokerage in the United States, according to a press release. It has more than 200 offices in 37 states.
