Wells Fargo & Co. continued its acquisition binge in the insurance industry, as subsidiary Wells Fargo Insurance Services Inc. said Wednesday that it has acquired St. Louis-based Insurance Brokers of America.

The latest acquisitions furthers Wells' position as the largest bank-owned insurance brokerage in the country. Terms of the deal, which closed Feb. 1, were not disclosed.

IBA partners Robert Concannon, Irene Mitchell, Jack Rowe and Jack Engler continue their responsibilities with Wells Fargo Insurance Services.

Insurance Brokers of America offers several risk management services, including property and casualty, and employee benefits coverages. The agency's staff of 11 team members will continue serving customers from their offices in St. Louis.

"Insurance Brokers of America is an outstanding brokerage firm with a highly respected team of insurance professionals," Dan Goldapp, regional managing director of Wells Fargo Insurance Services' Midwest Region, said in a statement. "This acquisition will establish a good base to grow our presence in the St. Louis marketplace as well as support Wells Fargo's commitment to help its customer succeed financially."

Wells Fargo Insurance Services, formerly Acordia Inc., is the fifth-largest insurance brokerage and the largest bank-owned insurance brokerage in the United States, with more than 150 offices in 38 states. Its 4,500 insurance professionals place more than $11.5 billion of risk premiums. Wells Fargo acquired Acordia in May of 2001.

Wells Fargo (NYSE: WFC) is the East Bay's largest bank by deposits.

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