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H. Wade Reece will retire as chairman and CEO of BB&T Insurance Holdings Inc., and be succeeded by John Howard, vice chairman and CEO of the Wholesale and Specialty Division of BB&T Insurance Holdings, the company said in a statement.
Mr. Reece will leave the company Dec 31, 2015, according to Thursday's statement.
He joined BB&T in 1978, and in 1990 was charged with transforming the insurance division, which at the time had revenues of $6 million.
BB&T Insurance Holdings is now the fifth largest insurance broker in the U.S. and the sixth largest in the world with more than $1.7 billion in revenue in 2014, according to the statement.
“Wade is the personification of a great leader,” BB&T chairman and CEO Kelly S. King said in the statement. “Under his guidance, BB&T Insurance Services' growth has been nothing short of phenomenal.”
“Wade has demonstrated time and again his extraordinary ability to successfully lead his team,” Chris Henson, BB&T chief operating officer, said in the statement
“I never dreamed BB&T Insurance Services would evolve into what it is today,” Mr. Reece said in the statement
Mr. Reece is a past chairman of the Council of Insurance Agents and Brokers.
Mr. Howard joined BB&T in 2012 with the acquisition of Crump Group Inc., the second largest wholesale insurance distributor in the United States at the time, where he served as president and CEO, according to the statement.
“We are extremely pleased John Howard will be stepping into the role of chairman and CEO of BB&T Insurance Holdings,” Mr. Henson said in the statement
“One thing I've learned through the years is success always comes down to relationships that are developed through knowledge, expertise and shared values,” Mr. Howard said in the statement. “I think that's been one of Wade's real strengths, and I plan to continue to build upon that legacy he has built at BB&T Insurance.”
Bertil Olsson will become president and CEO of Oil Insurance Ltd. upon the retirement of Robert Stauffer in January, the Hamilton, Bermuda-based energy mutual insurer announced.