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This acquisition will allow Wachovia to market specialty insurance products to the private business sector including: Directors & Officers, Employment Practices Liability, Fiduciary, Crime, Miscellaneous E&O (Errors & Omissions) and Cyber E&O Liability coverage.

"Wachovia’s acquisition of E-Risk will align well with our strategic plan for expanding our insurance business lines and our desire to be a leader in the electronic delivery of insurance products and services," said David de Gorter, president of Wachovia Insurance. "It’s also consistent with our Capital Management Group (CMG) wholesale strategy to be the premiere provider of the manufacturing and delivery of products and services to distributors.

"E-Risk is a well-known, innovative company with a suite of insurance products and online distribution capabilities such as an online rating system for brokers to receive instant indications of terms," de Gorter added. "This purchase will add a new dimension to the products and services currently offered through Wachovia Insurance."

According to Paul Tomasi, president and founder of E-Risk Services, LLC, "E-Risk has developed comprehensive insurance solutions and products that offer the versatility, simplicity and security today’s businesses are seeking.

"This acquisition is the next step in our commitment to provide quality insurance products and services to our target client base. We are very excited to be a part of the Wachovia team."

In January of 2002, E-Risk announced a strategic partnership with ACE USA Professional Risk where ACE utilizes E-Risk Services to market, underwrite and service its private company directors’ and officers’ liability coverage and related products. Wachovia will continue this strategic alliance with ACE and offer the existing suite of E-Risk products on behalf of ACE.

"ACE USA is committed to providing superior value to our customers," said David Lupica, executive vice president, ACE USA Professional Risk. "This relationship with Wachovia will result in our combined ability to deliver superior private company management liability insurance products unparalleled in the industry. Wachovia offers ACE USA Professional Risk an excellent distribution source for our products that will further our growth into targeted markets."

About Wachovia: Wachovia Insurance (WI), a division of Wachovia’s Capital Management Group, 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). 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 online; and outside distribution which provides corporate owned life insurance to large corporate clients, distributes offshore annuities through international financial institutions, and offers strategic initiatives and risk solutions for WI.

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.

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 www.wachovia.com and www.firstunion.com.

About E-Risk Services, LLC: E-Risk Services, LLC, based in Flanders, N.J., is an underwriting management facility offering a suite of management liability insurance products to privately held organizations through its Business and Management (BAM®) package product. In addition to transacting insurance through the normal channels, E-Risk has developed an intelligent online rating system for its BAM® product which allows brokers to receive instant indications of terms. For more information about E-Risk Services, LLC, please visit: www.eriskservices.com.

About ACE USA: Headquartered in Philadelphia, ACE USA is the U.S.-based operating division of the ACE Group of Companies, headed by ACE Limited (NYSE: ACE). ACE USA provides insurance products and services through the U.S. operating subsidiaries. ACE USA is rated "A" (Excellent) by A.M. Best and "A+" (Strong) by Standard & Poor’s. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world. Additional information can be found at: www.ace-ina.com.