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BB&T Insurance Services, part of BB&T Corp. subsidiary BB&T Insurance Holdings Inc., said Monday it will be rebranded as McGriff Insurance Services, beginning June 25.
The rebranding comes just prior to the close of BB&T’s acquisition of Regions Insurance Group.
Financial terms of the deal were not disclosed.
The deal for Regions, which has 31 offices across the Southeast, Texas and Indiana, is expected to close in the third quarter, the statement said. The Regions operations will become a part of the rebranded entity, according to a BB&T Insurance Services spokesman.
“The combined company will have even greater client-facing resources and industry knowledge under a single united brand that is recognized and respected by the insurance industry and clients,” David Pruett, vice chairman and CEO of BB&T Insurance Services, said in a statement.
BB&T Insurance Services of California and BridgeTrust Title are not included in this initial rebranding, the statement said.
The new name comes from affiliate McGriff, Seibels & Williams, another unit of BB&T Insurance Holdings, the statement said.
BB&T bought McGriff in 2003.
“The McGriff name goes back to 1886, and we are excited to build on the brand equity and long-standing recognition associated with this industry leader,” Mr. Pruett added in the statement.
The brand transition will include a new logo with an updated version of the McGriff name, as well as an updated color palette, fonts and other design elements, the statement said.
BB&T Insurance Holdings Inc. is the fifth-largest insurance brokerage in the world with $1.76 billion in brokerage revenue, according to Business Insurance’s latest ranking.
Banks may be showing renewed interest in the insurance brokerage business, if BB&T Corp.'s $500 million acquisition of the North American brokerage business of Cooper Gay Swett & Crawford Ltd. is any indication.