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A trolley car passes a Wells Fargo Bank in San Francisco, the company’s headquarters. An Onex subsidiary is buying 42 of Wells Fargo Insurance’s U.S. brokerage and consulting locations.
A trolley car passes a Wells Fargo Bank in San Francisco, the company’s headquarters. An Onex subsidiary is buying 42 of Wells Fargo Insurance’s U.S. brokerage and consulting locations.
(Paul Sakuma/AP)

Onex unit expands U.S. insurance footprint

Private equity giant Onex Corp.’s U.S. insurance broker subsidiary is making good on its promise to build through acquisitions.

Valhalla, N.Y.-based USI Insurance Services is on its way to acquisition No. 14 with a deal to pick up 42 of Wells Fargo Insurance’s brokerage and consulting locations across the United States. These are smaller regional offices outside of San Francisco-based Well Fargo’s 55 other offices in its key markets.