Filed Under:Agent Broker, E&S/Specialty Business

BB&T Completes Crump Acquisition

NU Online News Service, April 3, 11:04 a.m. EDT

Winston-Salem, N.C.-based bank BB&T Corp. says it has completed its acquisition of the life and property and casualty insurance-operating divisions of Roseland, N.J.-based Crump Group Inc.

BB&T says the acquisition creates the largest independent wholesale distributor of life insurance and one of the largest providers of wholesale commercial insurance brokerage and specialty programs in the U.S.

BB&T says it paid $570 million in cash to complete the transaction, which is expected to be accretive to earnings and to add approximately $300 million in annual revenue to its BB&T Insurance subsidiary based in Raleigh, N.C.

The acquisition did not include Crump's retirement-services business Ascensus.

Featured Video

Most Recent Videos

Video Library ››

Top Story

7 ways to prevent Halloween-related claims

Fire, distracted driving, vandalism and theft are some of the top risks on Halloween. Here are some safety tips for insureds from Travelers.

Top Story

10 insights into how small-business owners perceive cyber risk

Cyberattacks on small businesses are a real and growing problem, and the latest research by Nationwide shows owners are not prepared. Insurance agents can help.

More Resources


eNewsletter Sign Up

Specialty Markets Insight eNewsletter

Receive updates and analyses on hard to place and challenging coverages. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.