Other Information
Office of the County Attorney
PO Box 1026
Key West, FL 33041-1026
305/292-3470 - Phone
305/292-3516 - Fax
BOARD OF COUNTY COMMISSIONERS
MAYOR Charles "Sonny" McCoy, District 3
Mayor Pro tem Dixie Spehar, District 1
Murray Nelson, District 5
George Neugent, District 2
Bert Jimenez, District 4
O~Y~!TY ~o~,~~E
(305) 294-4641
MEMORANDUM
TO:
Pamela G. Hancock
Deputy Clerk
FROM:
Suzanne A. Hutton ~
Assistant County Attorney
DATE:
October 22, 2002
SUBJECT: Wells Fargo Acquisition of Acordia
The newsletter describes the acquisition as a merger, but it is clear that it is
an acquisition of the controlling shares of the corporation, which retains its
legal status as a separate corporation. Accordingly, it is appropriate for the
contract to continue to be with Acordia.
If you have any questions, please feel free to call.
Oct 28 02 04:34p
Monroe Count~ Group Ins
3052924452
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WEllS F#\RGO #\CQUIRES #\COROI#\!
Although most of our clients are probably already aware of this merger, we thought it was important
to include some information in our client newsletter about Wells Fargo's recent acquisition of
Acardia. In May, 2001, Wells Fargo, a $289 billion San Francisco-based bank, purchased Acordia
Brokerage Holdings Corporation, the parent company of Acordia National. Wells Fargo (NYSE:
WFC) is the nation's seventh largest bank.
Acordia will become part of Wells Fargo Insurance Brokerage, Inc, based out of Minneapolis , MN,
creating the first bank-owned insurance broker to break into Business Insurance's top 10 brokers. The
combination revenues of the two brokerage firms now rank it as the fifth largest broker in the world in
Business Insurance.'s most recent ranking. Combined, Wells Fargo Insurance Brokerage will have 176
offices in 38 states and over 5,000 employees nationwide.
The current regional structure of the Acordia companies will remain the same. Acordia National
remains the only third party administrative company within the combined Acordia/Wells Fargo
Insurance Brokerage firm. We anticipate no change within any of our operational functions or
current staffing. Initially, the name of the company will remain the same, but a name change could be
considered'at a later time.
If you have any q~stions or would like additional information regarding this merger, please contact
Richard Legg at 304.353.8779 or richard_legg@acordianationa1.com.
ACORDIA NATIONAL HIP," UPDATE
Acordia National is providing the following brief HIP AA update in an effort to open dialogue with
our clients on what we anticipate our efforts to include and the plan we have put in place in order to
comply with the new HIP AA mandates. While our
plan is very preliminary at this time, we recognize that
there can be changes to the requirements and time-
frames, and further guidance will be provided at a later Patient Protection
Future Health Plan Costs
date. However, we want to be prepared to work with HIPAA Nondiscrimination Rules
Inside This Issue
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