PRESS RELEASES

"By opening an office in Manhattan, we maximize our potential for future growth," said Fenton. "Having a New York presence is important for this business, allowing us to build relationships, hire additional talent, and utilize this group as a platform to create a premier team specializing in insurance solutions for all aspects of management and transactional liability.”

The Management Liability Group provides companies with Directors & Officers Liability, Employment Practices Liability, General Partners Liability, Fiduciary Liability, Employee Dishonesty Coverage, Professional Liability as well as property & casualty coverages. Specialty products and programs include Loss Mitigation, Representations & Warranties, Tax Liability, Intellectual Property, Loss Portfolio Transfer as well as Bankruptcy Buyouts.

Jonathan Ostrau brings 13 years of experience to the group and Peter Rooney has over 12 years of corporate insurance experience. Jamie Cutler, director, will oversee the marketing efforts of the organization.
“There is a real need for a group that understands and can execute on the opportunities related to the continuing convergence of the capital markets and the insurance markets. Wachovia offers one of the widest arrays of resources available. We are confident that the Management Liability Group will be able to tailor insurance based solutions for the ever changing needs of our clients,” said Ostrau.

Along with the Manhattan office, First Union Insurance Services has offices throughout New Jersey and in Sparks, Maryland. In addition, Wachovia Insurance Services and affiliates have agency locations in Atlanta, Charlotte, Northern Virginia, Orlando and Tampa. In total, Wachovia Insurance Services has revenues of approximately $150 million and is ranked among the Top 15 insurance brokers in the U.S.

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $330 billion at December 31 and $28 billion in stockholders' equity. Wachovia is a leading provider of financial services 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.