BB&T Insurance Services Inc. did not let a softening market disrupt its growth ambitions last year, posting solid double-digit revenue gains due to strong organic growth, new business sales and improved client retention.

Raleigh, N.C.-based BB&T posted brokerage revenues of nearly $842.3 million, an 11.2% increase, despite soft pricing in several lines of business.

That made BB&T Insurance Services, a unit of banking parent BB&T Corp., the world's eighth-largest insurance brokerage based on 2006 revenue.

"We were really pleased with our earnings growth last year," said H. Wade Reece, chairman and president of the insurance unit. "Our new business and retention emphasis more than offset the decline in market price."

Organic growth, driven by contributions from companies BB&T has acquired in recent years, was another reason for solid profits.

The company also took advantage of new business opportunities, the vast majority of which arose from clients changing brokers, with the company experiencing its best year in terms of new-business growth, Mr. Reece said.

Remaining focused on its strategic growth plan is important, particularly because the property/casualty market will continue to decline, barring a major catastrophic event, BB&T's Mr. Reece said.

Although pricing for property catastrophe insurance moderated during the first half of this year, wind coverage still can be tough to secure, which is why Mr. Reece sees tremendous growth potential for the company's managing general underwriter, AmRisc L.P. The unit, which was spun off from CRC Insurance Services Inc. in late 2005, underwrites for Lloyd's of London, Berkshire Hathaway Inc. and units of Renaissance Reinsurance Ltd. and can provide millions in wind coverage, he said.

Unlike previous years, BB&T was relatively quiet on the acquisition front in 2006 and made two, small strategic purchases. Mr. Reece anticipates BB&T will pick up the acquisition pace this year.

In recent years, BB&T has had to contend with the ramifications of government investigations of insurance brokerage practices. "I think we've taken constructive action with client advocacy at heart and I think all that has paid dividends for us," Mr. Reece said.

While BB&T continues to receive inquiries from various states, the impact of regulatory investigations is largely behind the company, Mr. Reece said.

BB&T Insurance Services will continue its emphasis on organic growth and retaining clients, he said.

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