Wells Fargo Purchases ACO Brokerage Holdings

March 9, 2001

Wells Fargo & Co. and ACO Brokerage Holdings Corp. have signed a definitive agreement for Wells Fargo to purchase ACO, parent company of Acordia, Inc., one of the nation’s largest independent property-and-casualty insurance agencies.

With over $400 million in annual revenue and 112 offices in 29 states, Acordia ranks fifth largest among all U.S. insurance agencies. Wells Fargo and ACO Brokerage Holdings expect the acquisition will be completed during the second quarter subject to regulatory approval. Terms were not disclosed.

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