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.

Top Story

2014 has become the year of the auto recall, and the numbers are staggering

It’s been a record-setting year for automakers, but not in a good way.

CE & Training

One Low Price for Complete Access to All Courses

Choose from National Underwriter's complete library of courses available in your state to get the credits you need quickly and affordably. Take advantage of the Open Pass Package for only $49. Click here to start your training today!

More Resources

Comments

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.