Filed Under:Agent Broker, Agency Management

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

U.S. cyber insurance continues to grow, according to Fitch Ratings

The top 15 writers of cyber held approximately 83% of the market in 2016.

Top Story

Top 10 states for boat and other watercraft accidents & thefts

Make sure your insurance clients are covered for all their recreational boating adventures.

More Resources

Comments

eNewsletter Sign Up

Agent & Broker Insider eNewsletter

Proven success tips and essential information to help agents and brokers grow their practice – FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.