Acordia Inc. Acquires Speare & Company

June 14, 2004

Acordia Inc., America’s fifth largest insurance brokerage and a subsidiary of Wells Fargo & Company, acquired Speare & Company, one of the largest privately held insurance brokerages in the western United States. The acquisition doubles the size of Acordia’s operations in Encino, Calif.

Terms of the transaction were not disclosed. The acquisition, completed June 1, 2004, is Acordia’s 15th since it became a part of Wells Fargo three years ago.

For over 50 years, Speare & Company has served businesses, organizations, families and individuals through the design and implementation of effective, affordable insurance programs and risk management strategies. The agency’s professional staff will continue serving clients from its current location.

Speare & Company provides clients with a full spectrum of products and services including property, liability, life, health and accident insurance.

“We’ll continue to provide top quality service to our clients the same as we have in the past,” said Bob Bryar, president of Speare & Company. “Joining Acordia will be a great plus for our clients as we will be able to expand our insurance and risk management resources to help protect their assets. Acordia opens up more markets to clients, and we can now offer our clients not only insurance products and risk management services, but also financial services through Wells Fargo.”

“We’re all excited about this new association with Speare & Company,” said Mark Freeman, managing director of Acordia California. “We have similar philosophies about quality client service. Speare & Company is an outstanding brokerage firm with highly respected insurance professionals. The addition of Speare & Company will strengthen our presence in California.”

“Acordia has built its reputation in the insurance brokerage world by acquiring retail brokerage operations around the country and also growing market share by satisfying all its customers’ insurance needs,” said Kevin W. Conboy, president and CEO of Acordia, Inc. “Combining our national resources with great agencies like Speare & Company who have local experience and expertise, enables us to meet the 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 that expand Wells Fargo’s reach both inside and outside its 23 banking states.

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