RALEIGH, N.C.—BB&T Insurance Services Inc. is expanding into the Baltimore area with the acquisition of Columbia, Md.-based Atlantic Risk Management Corp., a commercial property, casualty and employee benefits broker with 45 employees.

Terms of the transaction, expected to be completed in October, were not disclosed.

“This acquisition provides an attractive foothold for us in metro Baltimore and a broader representation in the Washington, D.C., area,” said Wade Reece, Raleigh, N.C.-based BB&T's chairman and CEO, in a statement. “It will extend our deep relationships with BB&T banking clients and open doors to new clients.”

Founded in 1981, Atlantic Risk provides risk management consulting services and a full array of business insurance products and services to midsize businesses operating locally and nationally. Two of its niche offerings include surety bonds for the construction industry and telecommunications insurance for independent cellular tower owners, paging companies and related companies.

“By becoming part of BB&T Insurance, not only will our clients enjoy the benefit of market clout, added services and a relationship with the sixth-largest insurance agency in the United States, they will still be taken care of by the same people that they have trusted for years,” said Pete Marcelli, chairman and co-founder of Atlantic Risk Management chairman and co-founder, in a statement. “This is a winning combination and a great move for our employees and clients.”

Atlantic Risk will operate as BB&T-Atlantic Risk Management, according to the companies' statement. Mary Ann Marbury, president of Atlantic Risk, will continue to oversee the operation.

BB&T Insurance Services operates an existing Maryland agency in Frederick called BB&T-Frederick Underwriters.

BB&T, a division of financial services firm BB&T Corp., is the world's seventh-largest insurance broker based on 2010 brokerage revenues of $1.079 billion, according to Business Insurance's annual rankings.