Insurance broker BB&T Insurance Services is acquiring Atlantic Risk Management Corp. of Columbia, Maryland. The move allows BB&T Insurance Services to expand to the metro Baltimore area. The transaction is expected to be completed in October. Terms were not disclosed.
Founded in 1981, Atlantic Risk Management is a commercial property/casualty and employee benefits broker with 45 employees.
Atlantic Risk provides risk management consulting on a local and national level. Two of its niche offerings include surety bonds for the construction industry and telecommunications insurance for independent cellular tower owners, paging companies, and related companies.
When the deal is completed, Atlantic Risk will operate as BB&T-Atlantic Risk Management. Mary Ann Marbury, Atlantic Risk president, will continue to oversee the operation. BB&T Insurance Services operates an existing Maryland agency in Frederick, BB&T-Frederick Underwriters.
BB&T Insurance Services says the acquisition provides an “attractive foothold” in metro Baltimore and a broader representation in the Washington, D.C., area.
BB&T Insurance Services is a wholly owned subsidiary of Winston-Salem, N.C.-based BB&T Corp. BB&T Insurance Services operates more than 100 insurance agencies in North Carolina, Virginia, Georgia, South Carolina, Maryland, West Virginia, Tennessee, Florida, Kentucky and California.
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