MINNEAPOLIS — Wells Fargo & Co., taking a major step forward in the insurance agency business, announced late Thursday that it has agreed to buy ACO Brokerage Holdings Corp., the country’s fifth-largest insurance broker.

Chicago-based ACO, the parent company of Acordia Inc., has revenue of about $400 million and has 112 offices in 29 states. Acordia and Wells Fargo Insurance combined would have revenue of $630 million in revenue and 176 offices in 38 states.

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