N.Y. Wholesaler Acquired By CRC

NU Online News Service, June 19, 11:47 a.m.EST?CRC Insurance Services Inc., the wholesale insurancesubsidiary of Branch Banking and Trust Company, said today it plansto buy New York City-based wholesaler American MarketingCenter.

The parties expect the deal to be completed in July. Terms werenot disclosed.

Tom Curtin, president and chief executive officer of CRC, saidthe transaction was aimed at "expanding our wholesale franchise andbalancing our geographic network by acquiring one of the largestand most respected wholesale brokerages in the Northeast.

"As BB&T builds its nationwide wholesale insuranceoperation, New York City and the Northeast is clearly a market inwhich CRC and BB&T would like to build a strong presence."

American Marketing Center will operate as a division of CRC.

BB&T acquired Birmingham, Ala.- based CRC on Jan. 1.

Edwin Levine, president and founder of American MarketingCompany, cited CRC's position as one of the largest wholesalebrokers in the nation as a benefit of the partnership.

American Marketing Center, which began life as a wholesalebroker for real estate products, now has wholesale operationsdevoted to specialty lines including professional liability for thehealth care industry, liability coverage for directors andofficers, errors and omissions policies, and otherproperty-casualty coverages.

A detailed profile of American Marketing Center is contained inthe June 4, 2001 print edition of National Underwriter(page 6).

With 105 employees, American Marketing Center operates branchoffices in Chatham, N.J., Harrisburg, Pa., Fort. Lauderdale, Fla.,and on Long Island, N.Y. American Marketing Center's FortLauderdale, Fla., office will be combined with CRC's Boca Raton,Fla., office.

Founded in 1982, CRC was the largest independently-ownedwholesale insurance broker in the nation before it was acquired byBB&T, according to the firm.

CRC said it expects to generate $700 million this year in salesof property, casualty and professional insurance companyplacements, primarily for commercial businesses. With 260employees, CRC operates in 45 states.

Branch Banking and Trust Company is the principal subsidiary ofSalem-based BB&T Corporation. With $74.9 billion in assets,BB&T Corp. operates more than 1,100 banking offices in 10states and Washington, D.C.