BB&T completes acquisition of Crump insurance businesses
Crump Life Insurance Services
WINSTON-SALEM, N.C. – BB&T Corporation (NYSE: BBT) announced today that it has acquired the life and property and casualty insurance operating divisions of Roseland, N.J.,- based Crump Group Inc. The acquisition 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 U.S.
BB&T paid $570 million in cash to complete the transaction, which is expected to be accretive to earnings and to add approximately $300 million in annual revenue to BB&T Insurance. The acquisition did not include Crump’s retirement services business (Ascensus).
About BB&T Insurance
Raleigh, N.C.-based BB&T Insurance, the sixth largest insurance broker in the U.S. and the seventh largest internationally, is made up of a group of subsidiaries of BB&T. BB&T Insurance operates 118 retail insurance agencies across the United States. BB&T’s wholesale insurance operation includes CRC Insurance Services, managing general agent Southern Cross TAPCO Underwriters and managing general underwriter AmRisc LLP, which make up a national platform for wholesale property and casualty insurance placements. BB&T Insurance consistently earns Greenwich Excellence customer satisfaction awards for large corporate and middle-market insurance brokerage in the U.S.
BB&T is one of the largest financial services holding companies in the U.S. with $174.6 billion in assets and market capitalization of $17.5 billion as of Dec. 31, 2011. Based in Winston- Salem, N.C., the company operates approximately 1,800 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.
This news release contains certain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results may differ materially from current projections. Please refer to BB&Ts filings with the Securities and Exchange Commission for a summary of important factors that may affect BB&Ts forward-looking statements. BB&T undertakes no obligation to revise these statements following the date of this news release.