Bank operator buying insurer

Monday, March 12, 2001 | 11:16 a.m.

Wells Fargo & Co., Nevada's largest bank operator, agreed to buy ACO Brokerage Holdings Corp. for an undisclosed amount.

ACO Brokerage is the parent of Acordia, a property and casualty insurer with more than $400 million in annual revenue and 112 offices in 29 states.

San Francisco-based Wells Fargo said last week the acquisition brings it closer to its goal of having its insurance, trust and brokerage operations comprise 25 percent of its annual income.

The deal is expected to close in the second quarter, subject to regulatory approval.

Acordia and Wells Fargo Insurance will have combined annual revenue of $630 million in 176 locations in 38 states. Chicago-based Acordia has 3,860 workers, including 780 agents, while Wells Fargo Insurance has 1,654 workers, including 140 agents.

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