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.