Chicago-based insurance broker Acordia Inc. said it has acquired M.J. Beaven Agency Inc. of Copley, Ohio.
The acquisition was completed Dec. 1, Acordia said. Terms of the deal were not released.
Beaven Agency was founded by Michael Beaven in 2000. It provides insurance services to small commercial clients within the Akron and Cleveland, Ohio, areas. Acordia said clients will be served from the firm's Cleveland office.
Kevin W. Conboy, president and chief executive officer of Acordia, a subsidiary of San Francisco-based bank Wells Fargo, said the firm would 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.
Acordia has made two other acquisitions this year--Somerton Student Insurance Services in August and Cassidy Employee Benefits Services in October. Both are based in California.
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