Wachovia Buys Hamilton Dorsey to Broaden Risk Management Services

ATLANTA-Hamilton Dorsey Alston Co., the largest privately held insurance broker in Atlanta, is joining Wachovia Corp. as a subsidiary of Wachovia Bank, which has dual headquarters in Atlanta and Winston-Salem, NC. Terms of the deal, announced March 14, were not disclosed. The transaction is expected to close before June.

For Wachovia, the deal beefs up its commercial risk management services division, which has been growing since its November 2000 acquisition of Tampa, FL-based DavisBaldwin Inc. Community development finance is among the bank’s mix of commercial services.

For HDA, the alliance with Wachovia opens a new revenue growth avenue, giving the firm access to the bank’s roster of affluent commercial and individual clients.