Acordia Renamed Wells Fargo

The insurance brokerage firm Acordia has been renamed. Owner Wells Fargo said it will now be called Wells Fargo Insurance Services.

San Francisco-based Wells Fargo & Company announced the name change for the Chicago-based insurance brokerage firm today.

“The new name of our business–Wells Fargo Insurance Services–signals to current and potential customers that insurance is our business and that we're an integral part of one of the world's largest, most diversified and most respected financial services companies,” said Dave Zuercher, Wells Fargo Insurance Services' chairman, president and chief executive officer, in a statement.

Mr. Zuercher added, “With the strength of Wells Fargo financial services, we've got more horsepower than ever to help our customers succeed financially.”

Wells Fargo also announced that during this year Wells Fargo Insurance Services (serving commercial clients) and Wells Fargo Insurance (serving personal lines customers) will bring its product and service offerings closer together.

“Our goal is to provide an exceptional customer experience, and making it easy for customers–commercial or consumer–to do business with us is one way we can do that well,” said Mr. Zuercher.

Wells Fargo acquired Acordia in May 2001. Robert J. Lieblein, president and chief executive officer of WFG Capital Advisors, said Wells Fargo and Acordia tried a similar move shortly after the merger. “It didn't go well,” he said. But both have built their operations up enough to where having a single brand will be more successful, he noted, and the conversation on the brand can now concentrate on one entity.

Wells Fargo Insurance Services has more than 150 offices in 38 states. The company said its 4,500 insurance professionals place more than $8.5 billion of risk premiums.