North Carolina-based BB&T Insurance Services announced plans to buy STHARCO Inc., parent company of Kingsport Development Company (KDC) Insurance Inc. of Kingsport, Tenn.
The acquisition would give the insurance broker entry into the Tri-Cities area of northeast Tennessee and southwest Virginia. The transaction is expected to be completed in July; terms were not disclosed.
Kingsport Development Company, with annual premiums of more than $30 million, is a full-service independent insurance agency. Its specialty lines of business include the “habitational” industry (hotel, motel and restaurant coverage) and coverage for municipalities.
One of Tennessee’s largest independent insurance agencies, Kingsport Development Company has 32 employees. It was founded in 1952 by former Congressman James H. Quillen.
The announcement comes a little more than four months after BB&T Corporation said it would buy First Virginia Banks Inc. of Falls Church, Va., in a $3.38 billion stock swap. The First Virginia acquisition — scheduled to close in late June or early July — will also give BB&T Corp. a presence in the Tri-Cities area.
STHARCO also operates full-service agency KDC of Alabama and Appalachian Satellite Insurance Alliance, a marketing service for small insurance agencies.
The Tri-Cities area of northeast Tennessee and southwest Virginia includes the metropolitan area surrounding Kingsport and Johnson City in Tennessee and the city of Bristol on the Tennessee-Virginia state line.
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