Raleigh, N.C.-based insurance brokerage firm BB&T Insurance Services said it plans to expand its metro-Atlanta operation with the acquisition of Ott & Company of Alpharetta, Ga. Terms of the deal were not released.
The firm said its acquisition is a full-service employee benefits brokerage providing medical and dental benefits, life insurance, and disability income insurance to more than 400 corporate clients and has been in operation since 1978.
BB&T said the transaction is expected to be completed in early January.
BB&T plans to merge Ott & Company with its existing Alpharetta agency, BB&T-Huffines Russell. This follows the firm's plans to incorporate its November acquisition of Sidney O. Smith Inc. into the same operations.
Wade Reece, chairman and chief executive officer of BB&T, said Ott's 13 employees will remain with the combined company.
Combining the agencies in Alpharetta will give BB&T Insurance a significant insurance brokerage operation in the greater Atlanta area, he noted.
BB&T Insurance Services is a subsidiary of the Winston-Salem, N.C.-based financial holding company Branch Banking and Trust Company.
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