Seven former staffers of the Wells Fargo Insurances Services office in Reno have acquired a significant portion of the business from Wells Fargo and opened L/P Insurance Services Inc.
The company, which opened its doors with 40 employees, provides employee benefits, property and casualty and workers compensation coverage and other risk-management services to businesses.
From its opening, it's one of the largest retail insurance brokerages in the state.
L/P Insurance Services occupies the entire third floor of the Mutual of Omaha Bank building at 6275 Neil Road, and it's already studying the possibility of leasing more space in the building.
The new firm, headed by President Nick Rossi, traces its roots to Lucini/Parish Insurance Inc. Rossi was chief executive officer of Lucini/Parish when it was acquired by ABD Insurance and Financial Services in 2005. ABD in turn was acquired by Wells Fargo in 2007.
Joining Rossi as principals of L/P Insurance Services are Joe Wyatt, Lloyd Barnes, Rich Bullard, Joe Kulikowski, Mike Talbott and John DeRicco.
Barnes said the transaction came together rapidly after the group first approached Wells Fargo in mid-June. The new company opened its doors Sept. 1.
"We executed it very rapidly," Barnes said.
Its ability to move quickly was aided by the availability of the space in the Mutual of Omaha building, which was subleased by the bank complete with desks and other office equipment.
Barnes said the transition should be seamless for the hundreds of clients of the new company.
He said the company now is looking to expand into other markets northern California and Las Vegas are priorities and is looking to deepen its share of the business insurance market both through organic growth as well as acquisitions.
Wells Fargo Insurance, meanwhile, will continue to have a presence in the Reno area.
"More than 40 Wells Fargo Insurance Services professionals continue to serve customers in Northern Nevada through its Reno office," said Natalie Brown, a Wells Fargo spokeswoman.
