CRC Insurance to Acquire North Carolina-Based TAPCO Underwriters

December 19, 2008

CRC Insurance Services Inc., the wholesale insurance subsidiary of BB&T Corp. principal subsidiary Branch Banking and Trust Co., reports that it plans to acquire TAPCO Underwriters Inc.

TAPCO will operate as a division of CRC managing general agency, Southern Cross Underwriters. The transaction is expected to be completed Dec. 31. Terms were not disclosed.

Burlington, N.C.-based TAPCO Underwriters is a managing general agency specializing in high-volume, middle-market excess and surplus insurance lines. The 25-year-old company also operates regional offices in Clearwater, Fla., and Manassas, Va.

Birmingham, Ala.-based CRC, with approximately $3 billion in premiums in 2007, says it is the largest wholesale property and casualty insurance broker in the nation.

TAPCO uses a proprietary underwriting technology model and call center to quote and bind a high volume of business on the phone in five minutes or less. TAPCO reported that last year provided more than 500,000 telephone quotes to 20,000 agents and producers, placing more than $200 million in premiums.

TAPCO was founded in 1983 by Tapley O. Johnson Jr. with just three employees. It has grown to five offices employing 175 people, servicing 8,000 agencies and writing in 16 states and Washington, D.C.

Current president, Tap Johnson III, said he and the entire TAPCO Underwriters staff will remain in their positions.

CRC acquired Jackson, Miss.-based Southern Cross Underwriters in 2003. Founded in 1976, the CRC division specializes in small- and middle-market accounts, including property and casualty coverage for coastal homeowners and marine exposures.

Founded in 1982, CRC has 26 offices and 865 employees across the country. It was acquired by BB&T in 2002.



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