ProgramBusiness
 
  


Loading LiveCycle Banners.
  1. News Articles
  2. Related News Articles
  3. Comments
News Article Details

BB&T Completes Acquisition of Crump Insurance Businesses

Back | A- | A+
 Email This     Print     Subscribe


Posted on 03 Apr 2012

BB&T Corporation announced today that it has acquired the life and property and casualty insurance operating divisions of Roseland, N.J.,- based Crump Group Inc. The acquisition creates the largest independent wholesale distributor of life insurance and one of the largest providers of wholesale commercial insurance brokerage and specialty programs in the U.S.

BB&T paid $570 million in cash to complete the transaction, which is expected to be accretive to earnings and to add approximately $300 million in annual revenue to BB&T Insurance. The acquisition did not include Crump’s retirement services business (Ascensus).

About BB&T Insurance

Raleigh, N.C.-based BB&T Insurance, the sixth largest insurance broker in the U.S. and the seventh largest internationally, is made up of a group of subsidiaries of BB&T. BB&T Insurance operates 118 retail insurance agencies across the United States. BB&T’s wholesale insurance operation includes CRC Insurance Services, managing general agent Southern Cross TAPCO Underwriters and managing general underwriter AmRisc LLP, which make up a national platform for wholesale property and casualty insurance placements. BB&T Insurance consistently earns Greenwich Excellence customer satisfaction awards for large corporate and middle-market insurance brokerage in the U.S.


Comments

Post a Comment
If you are a Storefront / Tradingfloor user, click here to login.
Note: As a guest user, please fill out the form below to post a comment.
Post your comments here.
Name :
Email Address :
Captcha :
Comments :
Character left : 2000