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Acordia Inc. Acquires Assets of Cassidy Employee Benefit Services

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, acquired the assets of Cassidy Employee Benefit Services in Pasadena, Calif.

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

Cassidy Employee Benefit Services has served customers since 1993, and the agency's professional staff will continue serving customers from 150 South Los Robles, Suite 850, Pasadena, CA 91101, telephone 626.432.5080.

Cassidy Employee Benefit Services is a leading provider of health and welfare benefits consulting for mid-size employers throughout the United States. Cassidy's partners, Michael Cassidy and John O'Connell, have been active in the southern California employee benefits marketplace with major consulting firms for over 30 years.

"I am excited to rejoin Acordia after an eight year hiatus to build Cassidy Employee Benefit Services," said Michael Cassidy, founder and partner of Cassidy Employee Benefit Services. "The integrity and quality of everyone at Acordia fits exactly with our people and their dedication to each of our clients."

"The Cassidy agency is known for its expertise in the employee benefit field as well as its commitment to provide its clients with well-designed benefit plans, competitive pricing structure and world class service," explained Cassidy partner, John O'Connell. "We know the benefits industry inside out, and we are well-networked to provide Acordia clients with unlimited employee benefit resources."

"Cassidy Employee Benefit 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 Cassidy Employee Benefit Services will strengthen our presence in 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 growing market share by seeking to satisfy all our customer's insurance needs," said Kevin W. Conboy, President and CEO of Acordia, Inc. "Combining our national resources with great agencies like Cassidy Employee Benefit Services, 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 nationwide.

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
Cassidy Employee Benefit Services             California       October 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, a $435 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.

Distributed by Market Wire