Acordia Purchases Assets of M.J. Beaven Agency in Ohio

December 19, 2005

Acordia Inc. has acquired the assets of M.J. Beaven Agency Inc. in Copley, Ohio. The acquisition closed Dec. 1, 2005. Terms of the transaction were not disclosed.

M.J. Beaven Agency, founded by Michael Beaven, has served clients since 2000, and has been providing insurance services to small commercial clients within the Akron and Cleveland, Ohio areas.

Acordia’s Cleveland office will be serving customers from 1301 East Ninth Street, Suite 3800, Cleveland, Ohio, 44114-1874, telephone (216) 241-4344.

“Acordia has built its reputation in the insurance brokerage world in part by acquiring retail brokerage operations around the country and also growing market share by satisfying all our customer’s insurance needs,” said Kevin Conboy, president and CEO of Acordia Inc. “Combining our national resources with a great local agency like M.J. Beaven enables us to meet the risk and financial needs of a whole new group of customers.” Conboy said Acordia will continue to look for acquisition opportunities that fit its operating philosophy and expand Wells Fargo’s reach both inside and outside its 23 banking states.

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