"Insurance is a key component to the financial services industry. It is imperative that Wachovia have a strong insurance presence in the Carolinas, and the acquisition of Cameron M. Harris & Co. will complement our growth in this dynamic industry. We are proud to have this uniquely talented group on our team," said Ken Thompson, president and CEO of Wachovia Corporation.
"The addition of CMH to Wachovia’s commercial insurance network will provide us with a highly recognized and mature presence in the Carolinas, giving Wachovia a significant and substantial base from which we can serve the insurance needs of our clients," said David Holton, president of Wachovia Insurance Services. "Its strong community presence and stellar reputation make it a logical partner for Wachovia. We are happy to be joining with an agency that brings Wachovia knowledgeable people, product breadth and an enhanced market presence."
CMH leaders include Cameron Harris, president; Gene Link, chief operating officer; Billy Richard, chief finance officer; James Walker, executive vice president for Commercial Insurance; and Harold J. Wilkerson, executive vice president for Commercial Insurance. The company’s approximately 200 employees will join and strengthen Holton’s Wachovia Insurance Services team. Harris will be a managing director and Link will continue as COO of Cameron M. Harris & Co.
"This combination offers a tremendous business opportunity across Wachovia’s geographic footprint and extensive customer base in the Carolinas," said Harris. "For our customers, synergistic opportunities exist through partnerships with Wachovia’s commercial and institutional businesses as well as with wealth and capital management services."
The CMH transaction marks the latest development in a highly successful growth strategy that has dramatically expanded Wachovia’s commercial insurance group over the past two years. This strategic expansion will bring the projected year-end combined revenues of Wachovia Insurance Services to approximately $150 million, ranking it among the Top 15 insurance brokers in the United States.
Since the third quarter of 2000, Wachovia has escalated its strategy of acquiring client-focused insurance agency operations in both product and service offerings located in important geographic markets. This strategy was simultaneously embraced by both legacy First Union and legacy Wachovia, before the corporations merged on Sept. 1, 2001.
Wachovia purchased Barry, Evans, Josephs & Snipes in 1999; Davis Baldwin and The Tribus Companies in 2000; and Hamilton Dorsey Alston and the assets of Crawford, Slevin & Hicks in 2001. Each of these agencies was a premier agency for its region with nationally recognized programs and services. Also in the last two years, additional smaller agencies have been purchased to enhance Wachovia’s insurance capabilities geographically and within various industries. The growth strategy has extended Wachovia’s presence in markets along the East Coast including Tampa, Atlanta, Northern Virginia, Maryland, New Jersey, New York and Washington, D.C.
Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $325 billion and stockholders' equity of $30 billion at June 30, 2002. Wachovia is a leading provider of financial services to 20 million retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.
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