WELLS FARGO BUYS ACORDIA PARENT

Wells Fargo & Company announced the acquisition of ACO Brokerage Holding Corporation, parent company of Acordia Inc. Acordia and Wells Fargo Insurance will be the nation’s fifth largest insurance agency and the largest bank holding company-owned insurance agency in the country. The new combined company has $630 million in revenue and 176 agencies in 34 states, with 5,514 team members including 920 agents. Tim King, president of Wells Fargo Insurance, stated that the acquisition gives the organization greater expertise in important niche industries and a more skilled group of team members to better serve customers. Acordia President Frank Witthum stated that Acordia has a tremendous record of growth, both through increased production in existing operations and through the strategic acquisition of top local insurance brokerage companies across the nation.