BB&T Insurance Services has acquired Precept Group, an employee benefits consulting and administrative solutions firm, as part of BB&T’s continued expansion in California.
Precept has offices in Irvine and San Ramon, Calif.
The new agency, which operates under the Precept Group name, will continue to manage Precept Consulting Services and ProView Benefits Administration Services. The transaction closed Nov. 1, and terms were not disclosed. The acquisition adds 140 employees to BB&T. Precept serves middle-market and large corporate clients, ranging from 50 to 50,000 employees, with benefits consulting, procurement, administration outsourcing, health management, retirement and online enrollment services.
Winston-Salem, N.C.-based BB&T, a wholly owned subsidiary of BB&T Corp., entered the California market in 2008 with its acquisition of San Diego-based UnionBanc Insurance Services. BB&T Insurance Services now operates agencies in Folsom, Fullerton, Glendale, Irvine, Pleasanton, San Diego, San Francisco and San Jose.
“This acquisition positions us as a leader in this space at the most opportune time imaginable,” Wade Reece, BB&T Insurance Services chairman and chief executive officer, said in a statement.
As employers face potentially higher costs and expanded requirements under the Patient Protection and Affordable Care Act, many are looking for highly consultative services, including the most cost-effective plan offerings to meet the needs of their employees while managing or mitigating catastrophic risk, Reece added.
Topics California Mergers & Acquisitions
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