Special Section sponsored by TMPAA

Wells Fargo Special Risks

Key programs include: financial institutions; digital risk; specialty property: excess flood and flood compliance; motorsports; ski and leisure resorts; sports teams and venues; health clubs; tire dealers; bowling centers; and skating rinks

Wells Fargo Special Risks is “all about finding solutions directed towards specialty niche businesses, and each business is defined by customer segment,” says Larry Sorensen, president of the organization. Often, the segment is underserved by others in the marketplace. Sorensen’s group looks to serve these customer segments by, as he says, “developing or innovating unique, differentiated solutions” for them.

The group serves customers in a number of ways: providing access to the most appropriate insurance carriers; reducing overall risk management costs; protecting corporate assets from insurable losses; providing a high level of customer service in helping assess and manage risk; establishing an efficient and cost-effective means of processing information and claims; and designing innovative approaches to risk challenges.

The organization draws on a strong track record of accomplishment found in predecessor firms and the team of experienced and knowledgeable insurance professionals that now make up Wells Fargo Special Risks, Inc., on a national basis.

According to Sorensen, the organization has found success serving specialty niches. “What drives us is a desire to bring value to customers. In some of the underserved segments, we tend to be more responsive to their needs.”

Key programs offered by Wells Fargo Special Risks include: financial institutions; flood compliance and excess flood; health clubs; digital risk; ice skating rinks; ski program; sports teams and venues; bowling centers; tire dealers; and Wells Fargo Motorsports.

The organization brings to market a range of experience. “We understand that risk identification, carrier evaluation, loss mitigation techniques and claims management can vary widely from business to business and from one industry to the next,” Sorensen says. Wells Fargo Special Risks professionals deliver these services. Recently, with Wells Fargo’s acquisition of Flatiron, a premium finance firm, the organization can add value by facilitating the billing process for clients and other business partners.

The organization serves the insurance market through a variety of channels. “We distribute some of our products directly to customers, we rely on Wells Fargo Insurance Services and we work with wholesalers and independent agents and brokers,” Sorensen explains. “The type of distribution is determined by what the customer wants.”

Key players at Wells Fargo Special Risks include: Jeff Pozmantier, based in Houston, who runs the firm’s motorsports underwriting (MGU) operations; Seattle-based John Roberts, and Dover, New Hampshire-based John Gray, who oversee the resort and ski, ice skating and hockey, team sports and venue, health clubs, and tire dealer programs; Bill Van Burk, who heads overall underwriting from the Seattle office; Chicago-based Patrick Small, who leads the group’s financial institution and excess flood business; and Anne DeVries, an innovator in the digital risk area, who manages an operation in Seattle.

Sorensen’s involvement with Target Markets Program Administrators Association started when his organization did. Since then, Wells Fargo has taken part in each annual and mid-year meeting. “Networking with other similarly focused experts” from a variety of disciplines is particularly valuable. “It provides opportunities to market and gain visibility in the industry and is an interesting forum for M&A considerations, as well,” says Sorenson. *