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ROSELAND, N.J.—BB&T Corp. has reached an agreement to acquire the life and property and casualty insurance operating divisions of Roseland, N.J.,-based Crump Group Inc. for $570 million, BB&T announced Friday.
Winston-Salem, N.C.-based BB&T said it expects the transaction to add about $300 million in annual revenue to its Raleigh, N.C.-based BB&T Insurance Services Inc. unit.
The deal, which requires regulatory approval, is expected to close during the first quarter, BB&T said in a statement.
The $570 million purchase does not include Ascensus Inc., Crump's retirement services business.
Crump was No. 4 in Business Insurance's 2011 ranking of the top property/casualty insurance wholesalers.
BB&T was No. 7 in Business Insurance's 2011 ranking of the world's largest brokers.
“We've known and respected Crump for years and consider them an industry leader,” H. Wade Reece, BB&T Insurance chairman and CEO, said in a statement. “This is an opportunity for BB&T to become a significant and strategic player in the high-growth, high-margin life insurance distribution business and expand our property and casualty business.”
John Howard, president and CEO of Crump Group, will join BB&T Insurance operations in a senior leadership position and report to Mr. Reece, BB&T said in the statement.
BB&T's wholesale insurance operations include property/casualty broker CRC Insurance Services, managing general agent Southern Cross TAPCO Underwriters and managing general underwriter AmRisc L.L.P.
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.