SOURCE: Acordia, Inc.

April 18, 2006 15:02 ET

Acordia Inc. Acquires Assets of Edward C. Brodie Insurance Brokers, Inc.

CHICAGO, IL -- (MARKET WIRE) -- April 18, 2006 -- Acordia, Inc., America's largest bank-affiliated insurance brokerage and a subsidiary of Wells Fargo & Company (NYSE: WFC), acquired the assets of Edward C. Brodie Insurance Brokers, Inc. in Sacramento, Calif.

The acquisition closed April 1, 2006. Terms of the transaction were not disclosed.

Serving customers since 1963, Brodie Insurance Brokers is a leading provider of insurance products for business and personal lines customers, with a heavy concentration on property-oriented accounts, real estate, property management, mid-size construction, emergency medical field and a large specialty division. The agency's professional staff will be moving to Acordia's Rancho Cordova office and will be serving customers from that location at 11017 Cobblerock Drive, Suite 100, Rancho Cordova, CA 95670-6049, telephone 916.231.1741 or toll free 800.257.4860.

"We'll continue to provide our customers with quality service, superior products and the same professionalism as we have done in the past," said Steve Brodie, Principal of Brodie Insurance Brokers. "Joining Acordia will be a great plus for our customers as we will be able to expand our insurance and risk management resources to better help protect our customers and their properties."

"We've grown to become one of America's largest brokerage companies by combining our national resources with great agencies like Edward C. Brodie Insurance Brokers, Inc., who have local experience and expertise," said H. David Wood, Regional Managing Director of Acordia's West Region. "The addition of Brodie Insurance Brokers will strengthen our presence in Northern California, and further support Acordia and Wells Fargo's commitment to satisfy all our customers' financial needs and to help them succeed financially."

"Acordia has built its reputation in the insurance brokerage world by acquiring retail brokerage operations around the country and also growing market share by seeing to satisfy all its customers' insurance needs," said Pete Wissinger, President and CEO of Acordia, Inc. "Combining our national resources with great agencies like Brodie, who have local experience and expertise, enables us to meet the risk and financial needs of a whole new group of customers."

Recent Acquisitions

Pate Insurance Agency          Alaska                January 2003
RMC2                           Illinois & Florida    July 2003
Care Insurance Services        Nebraska              August 2003
Wisenberg Insurance +
 Risk Management               Texas                 September 2003
McDermott Brokerage            Nebraska              September 2003
Goodritz-Emanuel               Pennsylvania          September 2003
Malenas Insurance Agency       Ohio                  October 2003
Feeney Durler West             California            January 2004
Sacia Risk Solutions           Washington            March 2004
Baldwin & Whitney              Ohio                  April 2004
Speare & Company               California            June 2004
Phoenix Enterprises            Colorado              November 2004
Somerton Student Insurance
 Services                      California            August 2005
Cassidy Employee Benefits
 Services                      California            October 2005
M.J. Beaven Agency, Inc.       Ohio                  December 2005
Edward C. Brodie Insurance
 Brokers, Inc.                 California            April 2006

About Acordia

Acordia, Inc., headquartered in Chicago, Ill., is the world's fifth largest insurance brokerage and the largest bank-owned insurance brokerage in the U.S., with over 150 offices in 38 states. Its 4,500 insurance professionals place in excess of $8.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines and life products. Acordia is a subsidiary of Wells Fargo & Company, a $482 billion diversified financial services company.

Acordia is also a member of the HLA Global Network. HLA Global, a partnership between London-based Heath Lambert Group and Acordia, Inc., serves as the international arm of Acordia. HLA Global is one of the world's largest networks of insurance brokers, with independent brokers in over 90 nations across the world including Europe, Asia, Australia, the Middle East and Africa.

For more information about Acordia, visit www.acordia.com or call 312.423.2531.

Contact Information

  • MEDIA:
    Ellen Sievert
    Acordia, Inc.
    312.423.2531