Press Releases

This acquisition aligns with Wachovia Capital Management Group’s wholesale strategy to be the premiere provider of the manufacturing and delivery of products and services to distributors.

About Wachovia

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).

Wachovia Corporation (NYSE:WB), created through the September 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, New Jersey, 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.