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Stewart McDowell Named President of Wachovia Insurance Services Current president, David Holton, set to retire WINSTON-SALEM, N.C. - Wachovia Insurance Services, an integral part of Wachovia Wealth Management, announced today that Stewart McDowell, a 26-year veteran of the insurance industry, has been named president, succeeding David Holton, who is retiring. McDowell joined Wachovia Insurance Services as chief operating officer in July from Willis Group Holdings, the world's third-largest insurance brokerage, where he had been employed since 1988. During his tenure with Willis, Stewart served as chief executive officer for Willis of the Carolinas, regional executive in charge of the Southeast/Atlantic Region, and most recently as regional executive in charge of Willis's 15-office Central Region, based in Chicago. Stewart was a key member of the Willis management team that led the turnaround in North America, a vital ingredient in the success of the KKR/Management buyout and subsequent public offering of the company. He started his career in 1977 as an underwriter with the Chubb Insurance Group, and during his career has been posted in Atlanta, Chicago, New York and Charlotte. "Stewart McDowell is a proven leader with credentials to match. He has an impressive record of building insurance businesses and increasing efficiency," said Stan Kelly, president of Wachovia Wealth Management. "We appreciate David Holton's leadership in building this business from the ground up, and now we are excited to have Stewart taking us to the next level, as we grow this business. Stewart's experience and leadership will be critical to our future success." McDowell will lead Wachovia Insurance Services, which has approximately 1,000 employees and ranks among the top 15 insurance brokers in the United States. Wachovia Insurance Services offers a broad range of Life, Property & Casualty, and Employee Benefit insurance services. "I am excited about the future of Wachovia Insurance Services and the overall commitment from the corporate level to build on the insurance side," said McDowell. "We have a tremendous array of products to offer our clients and an incredible distribution platform. I look forward to leading this impressive franchise into the future." McDowell holds a bachelor's degree in business administration from the University of Georgia and a master's degree in business administration from New York University. He also is a graduate of the Tuck Executive Program at Dartmouth College. Holton joined Wachovia in 1973 as a branch manager and held numerous positions on the retail side of the bank, including group executive for Retail Banking in Atlanta. He became manager of Insurance Services for legacy Wachovia in 1994 and assumed the role as president in 1996. During his time as president, he oversaw several major mergers and acquisitions, including Hamilton, Dorsey, Alston (HDA), Davis Baldwin and Cameron Harris. About Wachovia Insurance Services Wachovia Insurance Services ranks among the top 15 insurance brokers in the United States with year-end revenues of approximately $200 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, South Carolina and Virginia. Its 15 locations serve clients along the East Coast and across the country. About Wachovia Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. The corporation operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers retail brokerage services 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. Wachovia Corporation is the 5th largest wealth manager in the country, according to Barron's 2003 rankings of top Wealth Managers in the United States. The ranking is based on private banking assets under management, defined as individual clients with accounts of at least $1 million. Wachovia reported client assets, including clients with Wachovia accounts of at least $1 million, at $160 billion. That includes some assets of Wachovia Securities LLC, the corporation's retail brokerage arm, and Wachovia Wealth Management, the private banking, trust and investment management channel designed to serve wealth clients through a team-based model. Wachovia delivers integrated financial products and services to wealth clients through a team-based model, including private banking; debt solutions; investment management; charitable services; financial, tax and estate planning; trust administration; and insurance solutions. |
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