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May 06, 2005
Wachovia Completes Purchase of Insurance Brokerage Firm, Palmer & Cay
CHARLOTTE -- Wachovia Corporation (NYSE: WB), the nation's fourth largest bank holding company, today completed its acquisition of Palmer & Cay Inc., a Savannah-based insurance brokerage and benefits consulting firm with $150 million in annual revenues.
As a result of the acquisition, Wachovia Insurance Services will now have 46 offices in 22 states and Washington, D.C., and nearly 1,800 employees. The insurance brokerage firm will have estimated 2005 revenues of more than $400 million, making it one of the top 10 insurance brokerage firms in the nation.
The Palmer & Cay transaction marks the latest development in a highly successful growth strategy that has nearly tripled the size of Wachovia Insurance Services in less than three years.
"Our strategy in years past has been to merge with smaller, regional firms, but now we are looking to strategically grow not just within our region, but on a national level," said Stewart McDowell, president and chief executive officer of Wachovia Insurance Services. "The Palmer & Cay merger gives us more national exposure at an opportune time. I am delighted to welcome our Palmer & Cay teammates and clients as we join forces, and I look forward to leveraging the strengths of our combined brokerage firm. As we move ahead with the integration, we will continue to focus on our strong service and the value we bring to clients."
Wachovia Insurance Services and Palmer & Cay both are recognized for their technical expertise and innovation in solving complex problems for commercial and individual clients. The combined entity offers a comprehensive menu of insurance brokerage, employee benefits and risk management consulting services. Commercial clients have access to industry and product specialists, as well as a broad array of health- and welfare-consulting services, including non-qualified benefits plan administration, retirement plan and compensation consulting. At the same time, individual clients have access to personal risk management resources involving the coordinated delivery of personal insurance, estate planning and other life and health insurance products.
Offices are located primarily on the East Coast, and in the Midwest and Southwest.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders' equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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