Wells Fargo Acquires ACO Brokerage Holding Corp.

May 3, 2001

Wells Fargo & Company announced the completed acquisition of ACO Brokerage Holding Corporation, parent company of Acordia Inc., one of the nation’s largest independent property/casualty insurance agencies.

Acordia and Wells Fargo Insurance will be the nation’s fifth largest insurance agency and the largest bank holding company-owned insurance agency in the country. The new combined company has $630 million in revenue and 176 agencies in 34 states with 5,514 team members including 920 agents.

Tim King, president of Wells Fargo Insurance, stated that the acquisition gives the organization greater expertise in important niche industries and a more skilled group of team members to better serve customers. King said clients now have more access to industry-leading insurance, employee benefit programs and financial service products.

Acordia’s president Frank Witthum stated that Acordia had a tremendous record of growth, both through increased production in existing operations and through the strategic acquisition of top local insurance brokerage companies across the nation.

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