Wells Fargo Expands Insurance Trust Program to the UK and EU - Yahoo Finance
LONDON--(BUSINESS WIRE)--
Wells Fargo & Company (NYSE: WFC - News) today announced the introduction, through its Wells Fargo Bank subsidiary, of its insurance trust product in the United Kingdom and the EU. The Wells Fargo UK Insurance Trust offers an alternative to Letters of Credit (LOCs) specifically used as collateral for UK- and EU-based corporate insurance programs.
The Wells Fargo UK Trust product is an extension of the widely accepted version of the trusts that have been employed in the U.S. market for years. To date, this trust arrangement has replaced thousands of letters of credit for deductible programs, captive programs, insurance linked securities (ILS), reinsurance and surety arrangements.
"We are excited to be able to offer UK-based corporate insurers a lower-cost, more efficient alternative to addressing their collateral needs," said Brian Bartlett, head of Corporate Trust Services. "Insurance trusts provide a number of advantages over LOCs. Customers will enjoy a high level of service when accessing this innovative product."
The Wells Fargo UK Insurance Trust can provide significant savings over the costs of LOCs, increase credit availability for clients using it and eliminate the annual renewal process required with LOCs. Rather than posting LOCs to cover their insurance collateral requirements, clients can now place cash into a trust account in the amount of their collateral requirement. The proper form of the trust agreement has been pre-determined among Wells Fargo, the appropriate regulatory bodies and most of the major insurance carriers, meaning that most of the work required to establish a trust has already been completed.
Companies seeking more information on this product can contact Robert Quinn, Senior Vice President, at robert.g.quinn@wellsfargo.com, or visit www.wellsfargo.com/insurancetrust.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC - News) is a diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune's 2011 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
16 May, 2012
-
Source: http://finance.yahoo.com/news/wells-fargo-expands-insurance-trust-110000864.html
--
Manage subscription | Powered by rssforward.com
