CRC Insurance Services to Acquire Southern Cross Underwriters

May 12, 2003

CRC Insurance Services Inc. of Winston-Salem, N.C., the wholesale insurance subsidiary of Branch Banking and Trust Company, today said it plans to buy Jackson, Miss.-based insurance wholesaler Southern Cross Underwriters Inc.

Southern Cross will operate as a division of CRC. BB&T acquired Birmingham, Ala.-based CRC in January 2002.

“In CRC’s quest to become a complete excess and surplus lines broker, the addition of Southern Cross Underwriters will dramatically increase our presence in the managing general agent segment of the industry,” said Tom Curtin, president and chief executive officer of CRC.

“Southern Cross President and CEO Preston Gough and his team will bring a wealth of experience and provide a great complement to the wholesale and managing general underwriter segments that already exist at CRC.”

The transaction is expected to be completed in July. Terms were not disclosed.

With 75 employees, Southern Cross also operates in Knoxville, Tenn., Nashville, Tenn., and Birmingham. It was founded in 1976.

“We are very excited about our upcoming partnership with CRC and BB&T,” Gough said. “Our attractive markets, outstanding professionals and strong niche as an E&S (excess and surplus) lines broker combined with CRC’s position as one of the largest wholesale brokers in the nation will make for a very successful partnership.”

Southern Cross Underwriters’ specialty lines include commercial transportation, property and casualty liability, marine liability and liability coverage for directors and officers.

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