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RALEIGH, N.C.—BB&T Insurance Services Inc. is continuing to expand its presence in California with the acquisition of the Precept Group, a full-service employee benefits and administration firm based in Irvine.
Terms of the transaction, which closed Nov. 1, were not disclosed.
The Precept deal closely follows BB&T's September acquisition of San Jose, Calif.-based Liberty Benefit Insurance Services Inc.
Raleigh, N.C.-based BB&T entered California in June 2008 with its acquisition of San Diego-based UnionBanc Insurance Services. BB&T Insurance Services also operates California agencies in Folsom, Fullerton, Glendale, Irvine, Pleasanton, San Diego and San Francisco.
With offices in Irvine and San Ramon, Calif., Precept will add 140 employees to BB&T Insurance Services, the world's 7th-largest broker in Business Insurance's annual rankings with 4,402 employees in more than 100 offices nationwide.
“For 24 years, Precept has provided employee benefit solutions to progressive employers that improve employee health, bring greater efficiency to human resource functions and deliver short- and long-term savings,” said Wade Reece, BB&T Insurance Services chairman and CEO, in a statement. “This acquisition positions us as a leader in this space at the most opportune time imaginable” as employers face potentially higher costs and additional benefits requirements under the Patient Protection and Affordable Care Act, Mr. Reece said.
Founded in 1987, Precept serves middle-market and large corporate clients, ranging from 50 to 50,000 employees, with benefits consulting, procurement, administration, outsourcing, health management, retirement and online enrollment services. Precept serves organizations with employees in 42 states, as well as multinational organizations and governmental agencies.