Raleigh, N.C.-based BB&T Insurance Services, the insurance subsidiary of BB&T Corp. of Winston-Salem, announced plans to purchase Tallahassee, Fla. agency Landrum-Yaeger & Associates Inc.
The purchase represents BB&T Insurance’s first foray into Florida. Parent company BB&T Corp. recently purchased Tallahassee-based Regional Financial Corp. in a $271.5 million deal.
Part of BB&T Insurance’s acquisition strategy is to follow the banking operations into new markets.
The transaction is expected to close in November. Landrum-Yaeger & Associates, which specializes in coverage for commercial property, liability, employee benefits, construction surety and personal lines will be renamed BB&T-Landrum-Yaeger.
Landrum-Yaeger & Associates chairman R. Gary Landrum will be named BB&T’s Insurance Executive for northern Florida. Landrum founded the agency in 1959. Agency president Billy VanLandingham will be named agency manager of BB&T-Landrum-Yaeger.
All 27 employees will be retained and the company will continue to operate from its current location.
Topics Mergers & Acquisitions Florida
Was this article valuable?
Here are more articles you may enjoy.
‘Structural Shift’ Occurring in California Surplus Lines 
Portugal Deadly Floods Force Evacuations, Collapse Main Highway 
Florida’s Commercial Clearinghouse Bill Stirring Up Concerns for Brokers, Regulators 
US Appeals Court Rejects Challenge to Trump’s Efforts to Ban DEI 
