Palmer & Cay Inc., a Savannah, Ga.-based insurance brokerage and benefits consulting firm with $150 million in annual revenues has been acquired by Wachovia, Corp. of Charlotte, N.C.
As a result of the acquisition, Wachovia Insurance Services will now have 46 offices in 22 states and Washington, D.C., and nearly 1,800 employees. The insurance brokerage firm will have estimated 2005 revenues of more than $400 million, making it one of the top 10 insurance brokerage firms in the nation.
The Palmer & Cay transaction marks the latest development in a highly successful growth strategy that has nearly tripled the size of Wachovia Insurance Services in less than three years.
“Our strategy in years past has been to merge with smaller, regional firms, but now we are looking to strategically grow not just within our region, but on a national level,” Stewart McDowell, president and chief executive officer of Wachovia Insurance Services said. “The Palmer & Cay merger gives us more national exposure at an opportune time. I am delighted to welcome our Palmer & Cay teammates and clients as we join forces, and I look forward to leveraging the strengths of our combined brokerage firm. As we move ahead with the integration, we will continue to focus on our strong service and the value we bring to clients.”
Wachovia Insurance Services and Palmer & Cay both are recognized for their technical expertise and innovation in solving complex problems for commercial and individual clients. The combined entity offers a comprehensive menu of insurance brokerage, employee benefits and risk management consulting services.
Offices are located primarily on the East Coast, and in the Midwest and Southwest.
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