Published: October 05, 2005

Acordia Inc. Acquires the Assets of Somerton Student Insurance Services

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America's Largest Bank-Affiliated Brokerage Purchases Leading California Agency

Acordia, Inc., America's largest bank-affiliated insurance brokerage and a subsidiary of Wells Fargo & Company (NYSE: WFC), acquired the assets of Somerton Student Insurance Services in Rancho Murieta, Calif.

The acquisition closed August 1, 2005. Terms of the transaction were not disclosed.

Somerton Student Insurance Services has served customers since 1996, and 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.

Somerton Student Insurance Services is a leading provider of student insurance services throughout the United States, serving five consortiums and over 200 individual educational institutions comprising of over 150,000 insured students. Somerton Student Insurance Services offers students and student-related customers health (domestic and/or international), blanket accident, catastrophic accident, athletic accident, major medical supplements, study abroad, travel assistance, youth association liability, dental and vision, and pharmacy benefits.

"We'll continue to provide top quality service to our customers the same as we have in the past," said Kathy Somerton, President of Somerton Student Insurance Services. "Joining Acordia will be a great plus for our customers as we will be able to expand our insurance and risk management resources to help protect our customers' students."

"We're all excited about this new association with Acordia," said Larry Somerton, CEO of Somerton Student Insurance Services. "We have similar philosophies about professionalism and quality client service. Plus our association with Acordia opens up more markets to both organizations and we can now offer our clients not only insurance products and risk management services, but also Wells Fargo financial aid services."

"Somerton Student Insurance Services is an outstanding brokerage firm with very respected insurance professionals," said H. David Wood, Regional Managing Director of Acordia's West Region. "The addition of Somerton Insurance Services 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 customer's insurance needs," said Kevin W. Conboy, President and CEO of Acordia, Inc. "Combining our national resources with great agencies like Somerton, who have local experience and expertise, enables us to meet the risk and 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.

Significant Acquisitions Since May 1, 2001

H&R Phillips, Inc.                            New York       December 2001
Risk Management Services, Inc.                Tennessee      December 2001
Alcalay Cohen, Inc. d/b/a General Insurance   California     February 2002
Daniel Nowels Agency                          Colorado       November 2002
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

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 (NYSE: WFC), a $429 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.