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Wachovia Buys Health Insurance Agency

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NU Online News Service, Nov. 15, 12:10 p.m. – Wachovia Corp., Charlotte, N.C., has purchased Crawford, Slevin & Hicks Inc., Sparks, Md., a group health insurance broker that generates $16 million in annual premium revenue.

Wachovia says the acquisition should help it increase sales in the Washington, Maryland and northern Virginia markets, expanding the business of an agency that Wachovia already owns in Tysons Corner, Va.

The new Wachovia Corp. was formed Sept. 1, from the merger of the former First Union Corp., Charlotte, and Wachovia Corp., Winston-Salem, N.C.

The CS&H deal will increase the total combined revenue of the Wachovia Insurance Services unit to about $150 million.

The agency will be one of the 15 biggest insurance insurance brokers in the United States, Wachovia says.