BB&T Corp., a major regional bank and insurance broker based in Winston-Salem, N.C., said it completed the previously announced acquisition of insurance businesses from Roseland, N.J.- based insurance wholesaler Crump Group.
BB&T said the deal creates the largest independent wholesale distributor of life insurance and one of the largest providers of wholesale commercial insurance brokerage and specialty programs in the country.
The deal was first announced on Feb. 3, 2012. BB&T paid $570 million in cash to complete the transaction, which included Crump Property/Casualty Insurance Services and Crump Life Insurance Services, along with the rights to the Crump brand name. Crump Group CEO John Howard is also joining BB&T in a senior management role for insurance operations.
The transaction is expected to be accretive to BB&T earnings and add $300 million in annual revenue to BB&T Insurance.
The deal does not include Crump’s retirement services business, called Ascensus.
BB&T is one of the nation’s largest insurance brokers, in addition to being one of the 10 largest banks in the country in terms of deposits. Crump Group has been one of the largest wholesale insurance distributors in the country.
Topics Mergers & Acquisitions
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