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July 14, 2003
Wachovia Insurance Services Hires McDowell as Chief Operating Officer
WINSTON-SALEM, N.C. - Wachovia Insurance Services announced today that it has hired Stewart McDowell as chief operating officer, responsible for managing the Property & Casualty and Benefits agencies. McDowell joins Wachovia from a 15-year career at Willis Group Holdings, the world's third-largest insurance brokerage. He will work out of Wachovia's Winston-Salem office, where Wachovia Insurance Services is headquartered.
"Insurance is a fast-growing business for Wachovia, and Stewart's hire represents our dedication to this business," said David Holton, president of Wachovia Insurance Services. "His leadership in the development of our insurance brokerage network is critical to its long-term growth and success. We have carefully searched for the right person to lead this effort and are very excited to have Stewart on board."
"I was impressed with Wachovia's commitment to building this business," said McDowell. "The tremendous product array and impressive distribution platform present an extremely compelling opportunity. I am convinced of Wachovia's potential for success, and I look forward to helping build a unique franchise."
Reporting to McDowell will be the regional managing directors: Val Harwell, Florida; Tony Fenton, Northeast; Gene Link, Carolinas; and John Hamilton, Georgia. Additional reports will be Ken Shore, Integrated Marketing Solutions; Elizabeth Krystyn, Sales Integration; Todd Williams, Property & Casualty practice leader; and WIS managing directors, Cameron Harris and Lowry Baldwin.
McDowell joins Wachovia from Willis Group Holdings where he was a regional executive. His insurance career spans 26 years of sales and sales management experience at Chubb Insurance Group and Collier Cobb & Associates, which was acquired by Willis. McDowell holds a BBA from the University of Georgia and an MBA from New York University.
Wachovia Insurance Services ranks among the Top 15 insurance brokers in the United States with year-end revenues of approximately $150 million. Wachovia Insurance Services and its affiliates have offices in states along the East Coast including Florida, Georgia, Maryland, New Jersey, New York, North Carolina and Northern Virginia.
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $348 billion and stockholders' equity of $32 billion at March 31, 2003. Wachovia is a leading provider of financial services to 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 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.
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