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Wells Fargo Brokerage Buys Three Agencies

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NU Online News Service, Sept. 9, 2003, 7:03 p.m. EDT – Acordia Inc., Chicago, the insurance brokerage unit of Wells Fargo & Company, San Francisco, has acquired agencies in Nebraska, Pennsylvania and Texas that will sell employee benefits and life insurance as well as property-casualty insurance.

The company acquired Wisenberg Insurance + Risk Management, Houston; McDermott Brokerage Inc., Omaha, Neb.; and Goodritz-Emanuel Insurance, Bala Cynwyd, Pa.

All three acquisitions closed Sept.1. Acordia did not disclose terms of the transactions.

Kevin Conboy, president of Acordia, says his company will continue to look for acquisition opportunities to expand Wells Fargo’s reach both inside and outside the 23 states where it has banking operations.

Including its most recent acquisitions, Acordia has bought 10 agencies since May 1, 2001. The new acquisitions give it a total of 147 insurance offices in 38 states, with a staff of 4,500.