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Founded by Bruce Basso, Fred de Grosz and Doug Alburger, ABD Insurance & Financial, Inc. was a large Northern California-based insurance and financial services broker. ABD was headquartered in Redwood City, California.
| Industry | Insurance |
|---|---|
| Predecessors |
|
| Founded | 1990 |
| Founders |
|
| Defunct | 2007 |
| Fate | Merged into Wells Fargo Insurance Services when Wells Fargo acquired GBBK |
| Headquarters | , United States |
| Revenue | US$165 million (2005) |
Number of employees | 800 (2006) |
| Parent | Greater Bay Bancorp (2002-2007) |
ABD Inc. accounted for $165 million in 2005 U.S. revenue, ranking as the nation's 14th largest insurance brokerage, according to Business Insurance magazine's July 2006 rankings. It ranked 2nd on the San Francisco Business Times' 2006 List of the Largest Insurance Brokers in the Bay Area, with just over $1 billion in Bay Area-generated 2005 premium volume, and $2.26 billion in overall premium volume that year. At the time, it had 575 brokers and about 800 employees companywide. It became part of Wells Fargo Insurance Services with the Wells Fargo acquisition of GBBK in 2007.
History
editFormed in 1990 through the merger of the Mario L. Basso Agency and Alburger de Grosz, Inc., ABD Insurance & Financial then grew to become the 14th largest brokerage in the United States.
In 2002, Greater Bay Bancorp (GBBK) acquired ABD Insurance & Financial for $200 million.
In early 2007, Wells Fargo Bank agreed with Greater Bay Bancorp (GBBK) on a $1.5 billion acquisition that would also integrate ABD into its own subsidiary Wells Fargo Insurance Services.[1] The parent companies' merger became effective on 1 October 2007.[2]
References
edit- ^ Mike Barris (4 May 2007). "Wells Fargo Agrees to Acquire Greater Bay Bancorp for $1.5 Billion". Retrieved 9 May 2016.
- ^ "Greater Bay Bancorp Shareholders Approve Merger with Wells Fargo & Company". Business Wire. 26 September 2007. Retrieved 9 May 2016.
External links
edit- "Official homepage". Archived from the original on 2007-12-04. Retrieved 2017-05-12.
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