Wachovia Insurance Services has acquired, U.S Insurance Underwriters of Miami, saying the move will help the company gain a foothold in the South Florida market.

USIU is an insurance brokerage firm that specializes in property, casualty and employee benefits.

Julio Morena, who founded USIU, will continue to lead the operation. Morena will report to William Allen, managing director for Wachovia Insurance Services in southeast Florida.

Financial terms of the acquisition were not disclosed.

Wachovia Insurance Services is a part of Wachovia Corp. (NYSE:WB). As of March 31, Wachovia had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders' equity of $49.8 billion.

Wachovia operates 3,159 banking offices in 16 states.

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