Wachovia Insurance Services said its acquisition of US Insurance Underwriters (USIU) is its first entry into the Miami market, opening its doors to the Hispanic community there.
Terms of the deal were not released.
Vince Scanlon, a spokesman for the insurance brokerage firm, a subsidiary of Charlotte, N.C.-based bank Wachovia Corp., said the acquisition of USIU will serve as its base for continued expansion into Southern Florida. He said the firm has other locations in Florida, specifically Tampa.
The nine-person agency was founded by Julio C. Moreno, a native of Matanzas, Cuba, in 1980. His son, Jay, joined the firm in 1991 as a managing director.
Wachovia said Mr. Moreno will continue leading the Miami operation, reporting to William Allen, managing director for Wachovia Insurance Services in Southeast Florida.
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