BB&T Insurance Services said its managing general insuranceunderwriter AmRisc LP plans to acquire reinsurance broker SavannahReinsurance Underwriting Management LLC of Stamford, Conn. Terms ofthe deal were not released.

The acquisition is expected to close in early February.

Savannah Re is owned by Glencoe U.S. Holdings Inc., an indirectwholly owned subsidiary of RenaissanceRe Holding Ltd.

BB&T said Savannah Re provides property facultativereinsurance underwriting and related risk transfer services,including catastrophe modeling and claims management. It covers abroad range of property risks, including earthquake, flood,windstorm and surplus lines.

Both BB&T and AmRisc are subsidiaries of Branch Banking andTrust Company, the principal subsidiary of Winston-Salem,N.C.-based financial services company BB&T Corporation.

Houston-based AmRisc Chief Executive Officer Dan Peed said thedeal would allow the firm to expand its underwriting capabilitiesto include facultative reinsurance risk.

AmRisc was created in 2002 as part of BB&T's wholesaleinsurance business. It underwrites middle-market commercialpolicies for insurers such as Lloyd's of London, Berkshire HathawayInc. and Renaissance Re, which pay the unit a fee and assume therisk. AmRisc also operates offices in Birmingham, Ala., andMorehead City, N.C.