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.