Wachovia Corporation has completed its acquisition of Palmer & Cay Inc., a Savannah-based insurance brokerage and benefits consulting firm with $150 million in annual revenues.
“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,” said Stewart McDowell, president and chief executive officer of Wachovia Insurance Services. “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.”
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 located primarily on the East Coast, and in the Midwest and Southwest.