Biotech Group Expands Partnership Nationally With Wells Fargo

2008-08-11 12:07:04 -

- Wells Fargo Insurance Services, America's largest bank-owned insurance brokerage and a subsidiary of Wells Fargo & Company (NYSE:WFC), has been named the national employee benefits broker of the Biotechnology Industry Organization (BIO). The partnership encompasses participating state and regional biotechnology associations. Combined, over 5,200 biotechnology companies and organizations across the country have exclusive access to Wells Fargo's employee benefit products, programs and services.

"It's critical for biotech companies to have top notch employee and executive benefit programs to attract and retain the very best talent," said Alan Eisenberg, BIO's executive vice president, Emerging Companies and Business Development. "It's also important to control escalating costs, promote employee wellness and maximize the return on investment in these areas - which is why BIO is expanding its partnership with Wells Fargo Insurance Services, a company that has proven its ability to meet objectives for our members and affiliated organizations."

BIO endorsed Wells Fargo Insurance Services after ABD Insurance and Financial Services - which had previously received the BIO endorsement - became a part of Wells Fargo Insurance Services, which now has some 500 life science sector customers.

"We're committed to providing the highest quality insurance products and consulting services to the member companies of this prestigious organization," said Dave Zuercher, chairman, president and CEO of Wells Fargo Insurance Services. "It's another significant opportunity for Wells Fargo to achieve our vision of satisfying all of our customers' financial needs and helping them succeed financially."

Through the endorsed program, BIO offers its members and those of participating state and regional biotechnology associations an exclusive package of special benefits, liberalized underwriting, preferred pricing, and comprehensive coverage from a group of leading insurance carriers including Aetna, Great West Healthcare (now part of CIGNA), UNUM, Mutual of Omaha, Principal Financial, VSP, NEBCO and Qualsight.

Wells Fargo Insurance Services employee benefits consultants will provide BIO members with value added employee benefits consulting services and market advocacy across the country.

For more on the BIO Employee Benefits program: www.bio.org.

BIO represents more than 1,200 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world's largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world.

Wells Fargo Insurance Services, Inc. (wellsfargo.com/wfis) is the fifth-largest insurance brokerage in the world with 171 offices in 37 states. Its 5,200 insurance professionals place $11.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines and life products.

Wells Fargo & Company is a diversified financial services company with $609 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."

For Wells Fargo Insurance Services, Inc.
Dave Hock, 650-839-6244 (Media)
dwh@abdi.com