Wells Fargo Insurance setting up in Charleston

Wells Fargo Insurance Services, the nation's fifth-largest insurance brokerage and largest bank-owned insurance broker, is setting up shop in Charleston.

From a yet-to-be determined location, the company is aiming to gain a slice of the South Carolina insurance market. And it's bringing in a seasoned executive from Chicago to begin the push.

Thirty-year industry veteran Thomas H. Hite will swap the Windy City for the Holy City to become regional business development officer for Wells Fargo's mid-Atlantic region.

Hite will start with a broad brush as he runs the company's regional operations. And while he'll begin with an office of one, it won't stay that way for long, Hite said Friday from Chicago during a telephone interview.

Day one in Charleston will be Oct. 1, he said, and he'll be on his own for the rest of the year while the company assesses the state's economic landscape. The outcome of that evaluation likely will see the company either hire a staff or acquire existing agencies to build market share, Hite said.

As a broker, the company will offer insurance services but not underwrite policies.

While developing Wells Fargo's retail brokerage business in the Palmetto State,

Hite also will be responsible for "cross-selling" the company's products throughout the mid-Atlantic region.

Wells Fargo already has offices across the Lowcountry for its other lines of business, including its Wells Fargo Financial, private banking and home mortgage divisions.

The company also needs representation in the state's insurance market, Hite said.

"It's a hole we needed to fill," he said.

Others in the industry welcomed the news.

Frank Sheppard, president of the Independent Insurance Agents and Brokers of South Carolina, a Columbia-based industry group, said while the move could make the Charleston market a little crowded, ultimately consumers should win.

"In the grand scheme of things, it's about delivering the best product to customers," Sheppard said.

Wells Fargo Insurance Services was the result of the purchase of Acordia Inc. in May 2001. Acordia took the Wells Fargo name in February of this year. Today, the company has more than 150 offices in 38 states and places $10.5 billion of premiums in property, casualty and personal lines insurance, among others.

During his three decades in the insurance industry, Hite also has worked for Zurich North America as executive vice president of corporate marketing, executive vice president of corporate development and president of Zurich International.

Reach Peter Hull at 937-5594 or phull@postandcourier.com.