Acordia Plans To Acquire More Agencies

Since buying Acordia Inc. in 2001 and creating the nation's largest bank-owned insurance agency, Wells Fargo & Co. has not been a big player on the agency acquisition scene-but that should change, thanks to the deal-minded focus of the agency's new head.Acordia intends to further tie itself to its San Francisco bank parent through continued cross-selling and acquisitions in the bank's West Coast stronghold, according to the agency's new chief executive officer, Kevin W. Conboy.

"Acquisitions have always been an important part of Acordia's business strategy since the company was founded," says Conboy, who became president and CEO of the Chicago-based insurance agency on March 1. "It's going to continue to be an important part of our go-forward plan as it relates to our association with Wells Fargo."