BB&T Insurance Services said its managing general insurance underwriter AmRisc LP plans to acquire reinsurance broker Savannah Reinsurance Underwriting Management LLC of Stamford, Conn. Terms of the deal were not released.
The acquisition is expected to close in early February.
Savannah Re is owned by Glencoe U.S. Holdings Inc., an indirect wholly owned subsidiary of RenaissanceRe Holding Ltd.
BB&T said Savannah Re provides property facultative reinsurance underwriting and related risk transfer services, including catastrophe modeling and claims management. It covers a broad range of property risks, including earthquake, flood, windstorm and surplus lines.
Both BB&T and AmRisc are subsidiaries of Branch Banking and Trust Company, the principal subsidiary of Winston-Salem, N.C.-based financial services company BB&T Corporation.
Houston-based AmRisc Chief Executive Officer Dan Peed said the deal would allow the firm to expand its underwriting capabilities to include facultative reinsurance risk.
AmRisc was created in 2002 as part of BB&T's wholesale insurance business. It underwrites middle-market commercial policies for insurers such as Lloyd's of London, Berkshire Hathaway Inc. and Renaissance Re, which pay the unit a fee and assume the risk. AmRisc also operates offices in Birmingham, Ala., and Morehead City, N.C.
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