CRC Insurance Services Inc., a wholesale insurance subsidiary of BB&T Corporation’s principal subsidiary Branch Banking and Trust Company, announced an agreement to acquire strategic assets of NAPCO, LLC. Terms of the transaction were not disclosed.
Founded in 1996, NAPCO is an independent wholesale broker of commercial property catastrophe insurance coverage. The Iselin, New Jersey-based privately held broker provides retailers with an independent marketing arm for difficult placements that have significant property exposures.
David Pagoumian, NAPCO’s president and CEO, will continue to serve in his leadership position.
CRC, with more than $4.3 billion in casualty, property and professional premiums during 2014, is a wholesale property/casualty insurance broker. Founded in 1982, CRC has 46 offices throughout the country.
CRC’s parent BB&T is a financial services holding company with $186.8 billion in assets and market capitalization of $26.8 billion, as of Dec. 31, 2014. Based in Winston-Salem, North Carolina, the company operates 1,839 financial centers in 12 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services.
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