NU Online News Service, Nov. 3, 3:30 p.m. EDT
Raleigh, N.C.-based insurance brokerage BB&T Insurance Services said it has acquired Oswald Trippe and Co. Inc. (OTC) of Fort Myers, Fla., expanding its southwest Florida operation. Financial terms were not released.
BB&T said The Oswald Trippe transaction was completed Monday. It described the acquisition as one of the largest privately owned insurance agencies in southwest Florida with 130 employees.
Oswald Trippe provides commercial property and casualty, employee benefits, individual life and health personal lines, and professional liability protection to businesses and individuals throughout Florida.
"We have known Oswald Trippe for quite some time as an outstanding competitor," said Wade Reece, chairman and chief executive officer of BB&T Insurance Services. "With the recent growth of BB&T in southwest Florida following the Colonial acquisition, this is a perfect combination and an outstanding addition to our Florida insurance franchise."
In addition to its Fort Myers headquarters, Oswald Trippe has offices in Cape Coral, Miami, Naples, Sarasota, Holmes Beach, Weston and Ocala. It also operates four offices in North Carolina that were not part of the BB&T Insurance acquisition.
OTC was founded in 1982 by Chairman and Chief Executive Officer Gary Trippe and his wife, Gay Trippe, and James Pender, honorary chairman and corporate partner of The Oswald Companies of Cleveland, Ohio.
"BB&T Insurance is known to treat its clients, employees and their communities as treasured assets, which matches up with our culture very well," Mr. Trippe said in a statement. "Add that to the fact that our companies had very similar growth plans for Florida, and you're left with a combination that made too much sense not to pursue."
Mr. Trippe, it was explained, will remain with BB&T-Oswald Trippe in a client, community relationship and management consulting role. Agency President John Pollock will serve as agency manager and report to BB&T Insurance Regional Manager Rick Iler.
BB&T Insurance Services also operates Florida agencies J. Rolfe Davis Insurance of metro Orlando; Burkey Risk Services of metro Orlando and Boynton Beach; BB&T-Iler Wall & Shonter of St. Petersburg; BB&T-Wyman, Green & Blalock of Bradenton; and BB&T-Landrum Yaeger of Tallahassee.
For the third quarter of this year, BB&T reported insurance services grew 9.5 percent, or $22 million, to $254 million over the same period last year. For the first nine months, insurance services grew almost 16 percent, or $106 million, to $787 million over last year.
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