Raleigh, N.C.-based insurance broker BB&T Insurance Services said it has acquired insurance broker Puckett, Scheetz & Hogan of Myrtle Beach, S.C. Financial terms were not disclosed.
Puckett, Scheetz & Hogan is a coastal property insurance specialist providing a full range of risk management services for businesses and families from its offices in Myrtle Beach and Pawleys Island, S.C. The transaction is expected to close in early August.
Wade Reece, chairman and chief executive officer of BB&T Insurance Services, a subsidiary of Winston-Salem, N.C.-based Branch Banking and Trust Company, said the acquisition is in a thriving market area and makes BB&T the number one bank and insurance broker in the region.
He added that "Puckett, Scheetz & Hogan is an outstanding agency with a thorough understanding of the unique challenges associated with coastal property insurance."
BB&T said Puckett, Scheetz & Hogan President Mike Hogan and his team will remain as managers and the agency's 50 employees will remain with the firm.
The company said the acquired agency, which was founded by Mr. Hogan in 1989, began as a coastal branch of the former Puckett, Scheetz & Hagler agency based in Greenville, S.C. The firm is to be renamed named "BB&T-Puckett, Scheetz & Hogan."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.