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Wells Fargo Insurance acquires Procomp Benefit Resources

Wells Fargo Insurance Services USA, a part of Wells Fargo & Company, has acquired Procomp Benefit Resources, an employee benefits brokerage and consulting firm based in New Jersey.

Established in 1997, Procomp is a full-service brokerage and consulting firm providing employee benefits, voluntary benefits, individual life and disability, and retirement services to middle-market and large employers focused on improving health and lowering the overall cost of healthcare.

Wells Fargo said Stephen Paternoster, president and principal of Procomp, and his team will move to the Wells Fargo Insurance Services office in New Jersey and continue to serve their current clients from that location.

Wells Fargo Insurance Services’ Northeast region regional managing director Peter Gilbertson said Procomp’s team will strengthen the growing presence in New Jersey and further support Wells Fargo’s commitment to help customers succeed financially by addressing their insurance needs.

Paternoster said by joining Wells Fargo Insurance Services, Procomp have expanded the capabilities to better serve the clients and help them protect their businesses and employees in a changing environment.

Terms of the transaction were not disclosed.