Wachovia Acquires Harris & Co.
NU Online News Service, Aug. 2, 3:11 p.m. EST?Wachovia Corp. announced the acquisition of insurance broker Cameron M. Harris & Co. Both firms are based in Charlotte, N.C.
Harris specializes in commercial and personal risk management and employee benefits. Wachovia reported that Harris, with $27 million in revenues, was the largest privately held insurance broker based in the Carolinas.
Harris has offices in Charlotte, Raleigh, N.C., and Columbia, S. C.
Terms of the acquisition were not released.
Cameron Harris, president of Harris, will be named managing director. Gene Link, Harris' chief operating officer, will remain in that position. The approximately 200 employees of Harris will join Holton's Wachovia Insurance Services team, the financial services company said.
In a statement, Ken Thompson, president and chief executive officer of Wachovia Corp., said the acquisition strengthens the bank's insurance presence in the Carolinas and "will complement our growth in this dynamic industry."
Wachovia estimated that the acquisition would bring the bank's insurance services to approximately $150 million by year-end, ranking it among the top 15 insurance brokers in the U.S.
Wachovia Corp. was formed in Sept. 2001 with the merger of First Union Bank and Wachovia.
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