CHICAGO, June 14 (UPI) -- Acordia, Inc., a large Chicago-based insurance brokerage and a subsidiary of Wells Fargo & Co., has acquired Speare & Co. of Encino, Calif.
Speare is one of the largest privately held insurance brokerages in the western United States. The acquisition doubles the size of Acordia's operations in Encino.
Terms of the transaction were not disclosed. The acquisition, officially completed June 1, 2004, is Acordia's 15th since it became a part of Wells Fargo three years ago.
"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 & Co. "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."
Mike Freeman, managing director of Acordia California, said: "We're all excited about this new association with Speare & Co. We have similar philosophies about quality client service. Speare & Co. is an outstanding brokerage firm with highly respected insurance professionals. The addition of Speare & Co. will strengthen our presence in California."