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June 14, 2004 / 3:09 PM

Acordia buys Speare & Co.

CHICAGO, June 14 (UPI) -- Acordia of Chicago said Monday it has acquired Speare & Co. of Encino California fror an undisclosed amount.

Speare is one of the largest privately held insurance brokerages in the western United States, wnile Acordia is the nation's fifth largest insurance brokerage and a subsidiary of Wells Fargo & Co.

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Acordia said the deal doubles the size of its operations in Encino.

Acorida President Kevin Conboy said Acordia will continue to look for acquisition opportunities that fit its operating philosophy and expand Wells Fargo's reach both inside and outside its 23 banking states.

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