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PROGRAM ADMINISTRATOR

Wells Fargo Special Risks

Key programs include: financial institutions; digital risk; equine; motor sports; self-storage; ski & recreation; specialty property: excess flood, flood compliance, vacant buildings, builders risk, natural disaster protection; sports & entertainment: health clubs, ice skating & hockey rinks, minor league baseball, venues/events; and workers compensation/ARI

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; digital risk; equine; motor sports; self-storage; ski & recreation; specialty property: excess flood, flood compliance, vacant buildings, builders risk, natural disaster protection; sports & entertainment: health clubs, ice skating & hockey rinks, minor league baseball, venues/events; and workers compensation.

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.

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 motor sports 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; Anne DeVries, an innovator in the digital risk area, who manages an operation in Portland; and Nick Dalessio of ARI, who manages the workers compensation program in Summit, New Jersey.

Sorensen’s involvement with the 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 Sorensen.