Hub International Ltd. and USI Insurance Services LLC are the front-runners to acquire Wells Fargo & Co.'s insurance brokerage unit, The Insurance Insider reported.

Bloomberg News reported in early May that Wells Fargo was looking to sell Wells Fargo Insurance Services USA Inc. and has reached out to private equity firms.

According to The Insurance Insider, the bank is eyeing a fast-tracked sale process and is not keen on selling the unit to private equity buyers that don't own an insurance broking platform.

Other names that have been discussed as potential buyers include JLT, BB&T Insurance Services, Arthur J. Gallagher & Co. and NFP Corp., according to the report.