Raleigh, N.C.-based insurance broker BB&T Insurance Services said it plans to expand its Florida operation with the acquisition of Burkey Risk Services. Terms of the deal were not released.
Burkey Risk Services provides risk management and employee benefits services from its headquarters in Maitland, Fla., and its south Florida office in Boynton Beach. Burkey's subsidiary, Hotel Insurance Programs of America Inc., specializes in risk management services for hotels.
Wade Reece, chairman and chief executive officer of BB&T Insurance Services, said the firm wanted to enter the Orlando area for some time and this acquisition allows for that entry.
Burkey CEO Gary Burkey will continue to manage the company he founded in 1987. His wife, Julie Burkey, will serve as vice president, agency manager and manager of the company's employee benefits division.
The Burkey's son, Stefan, serves as vice president of Hotel Insurance Programs of America, and will continue in that role. Dennis McNamara and his wife, Gail, will continue to manage the Burkey Risk Services south Florida office. The company has 28 employees, all of whom will remain with the company.
BB&T Insurance Services operates Florida agencies BB&T-Landrum Yaeger in Tallahassee; BB&T-Iler, Wall & Shonter in St. Petersburg; and BB&T-Wyman, Green & Blalock in Bradenton.
BB&T Insurance Services is a wholly owned subsidiary of Branch Banking and Trust Company, the principal subsidiary of Winston-Salem, N.C.-based BB&T Corporation, a financial holding company.
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