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December 09, 2002
Wachovia Increases Investment in Besso Holdings Limited, an Insurance Broker in London's Lloyd's Market
Charlotte, N.C. - Wachovia Corporation (NYSE: WB) today announced that it has purchased additional shares of Besso Holdings Limited, parent of a Lloyd's insurance broker, Besso Limited, based in London, England. This purchase brings Wachovia's ownership of Besso to approximately 49%. Besso is well regarded as a highly skilled insurance broker that arranges all forms of insurance including property, casualty, professional indemnity, marine and aviation to a wide variety of domestic and international customers.
Wachovia's equity interest in Besso began in 1995 when legacy First Union first invested in the formation of the company. In 2000, legacy First Union increased its investment, reflecting its confidence in Besso's management and capitalizing on Besso's strong growth potential. Wachovia has again increased its investment in Besso as the next logical step in strengthening the relationship between the two companies.
“We have known the Besso principals for over 25 years,” said David de Gorter, president of Wachovia Insurance. “Our relationship with Besso provides our customers with direct access to the international insurance markets while increasing the growth potential of our insurance operations. We believe Besso is an incredibly strong business partner, and we are excited to become their largest single investor.”
“This additional investment in Besso is consistent with CMG's strategy of being a leading provider of financial services in each of our businesses,” said Don McMullen, senior executive vice president of Wachovia's Capital Management Group (CMG).
“This is a highly significant and exciting step for Besso,” said Colin Bird, group chief executive of Besso Holdings Limited. “We look forward to working closely with Wachovia to add to the products and services currently offered through Wachovia Insurance.”
About Wachovia Insurance: Wachovia Insurance (WI), a division of Wachovia's Capital Management Group (CMG), is one of the largest, most comprehensive insurance services organizations in the country providing clients with innovative solutions for asset accumulation, protection and transfer. WI offers annuities, credit and individually owned life and disability insurance, homeowners, auto, health, and mortgage/private mortgage insurance (PMI), management liability insurance products as well as other insurance products for the private business sector. WI's three major lines of business include retail distribution, which manages the insurance and annuity products and programs that are offered through the branches and on the Wachovia website; Info-One, a subsidiary of Wachovia that provides web-based insurance and annuity solutions to large financial institutions enabling their client to sell insurance and annuities on-line; and outside distribution which provides corporate owned life insurance to large corporate clients, distributes offshore annuities through international financial institutions, offers strategic initiatives and risk solutions for WI and provides management liability insurance through a recent acquisition of assets of E-Risk Services, a leading Managing General Agency.
CMG includes asset management and investment services, providing a full array of unique, integrated financial products and services to individual and institutional investors. CMG businesses include the fifth-largest broker-dealer, one of the largest bank annuity providers, and a top twenty mutual fund company.
About Besso Holdings Limited: Besso Holdings Limited is the parent of the Lloyd's insurance broker, Besso Limited. Online information is available at www.besso.co.uk.
About Wachovia: Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $334 billion and stockholder's equity of $32 billion at September 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.
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