NU Online News Service, Sept. 28, 2:38 p.m. EDT

Bank-owned insurance broker BB&T made its second acquisition in less than two weeks, entering the metro-Baltimore market for the first time by acquiring Atlantic Risk Management Corp. of Columbia, Md.

Founded in 1981, Atlantic Risk Management is a commercial property and casualty and employee-benefits broker with 45 employees. The firm operates on a local and national level providing risk-management consulting and a full array of business-insurance products and services.

BB&T says that two of Risk Management's niche offerings include surety bonds for the construction industry and telecommunications insurance for independent cellular-tower owners, paging companies, and related companies.

“This acquisition provides an attractive foothold for us in metro Baltimore and a broader representation in the Washington, D.C., area. It will extend our deep relationships with BB&T banking clients and open doors to new clients,” says Wade Reece, BB&T insurance services chairman and chief executive officer in a statement.

Last week, BB&T announced it was expanding its California operations with the acquisition of Liberty Benefit Insurance Services of San Jose, Calif.

Liberty will operate as BB&T-Liberty Benefit Insurance Services and adds 25 employees to BB&T Insurance.

Liberty, a full-service employee-benefits broker founded in 1991, partners with large commercial clients in the San Francisco Bay area to help them manage rising health care costs, changing regulations and complex benefits administration.

BB&T Insurance entered California in 2008 with its acquisition of San Diego-based UnionBanc Insurance Services. BB&T Insurance Services operates agencies in the state in Folsom, Fullerton, Glendale, Irvine, Pleasanton, San Diego and San Francisco.

The acquisition of Atlantic Risk is expected to be completed some time in October, while the acquisition of Liberty is expected to be completed Oct. 1.

Terms of both transactions were not disclosed.

Special Reports /

BB&T Enters Metro-Baltimore Market; Expands In Calif.

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