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BB&T to Acquire Crump Divisions for $570M
Posted February 3, 2012
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ROSELAND, N.J. -- BB&T Corporation (NYSE: BBT) has reached an agreement to acquire the life and property and casualty insurance operating divisions of Roseland, N.J.,- based Crump Group Inc. for $570 million.
Crump is a wholesale distributor of life insurance and one of the largest providers of wholesale commercial insurance brokerage and specialty programs in the U.S.
Under the terms of the agreement, BB&T will acquire Crump Life Insurance Services and Crump Property & Casualty Insurance Services. The transaction, which exceeds BB&T's acquisition criteria, is expected to add approximately $300 million in annual revenue to BB&T Insurance. BB&T expects to record approximately $570 million of intangibles as a result of this acquisition. The transaction, which is subject to regulatory approval, is expected to close in the first quarter. This transaction does not include Crump's retirement services business (Ascensus).
John Howard, president and chief executive officer of Crump Group, will join BB&T Insurance operations in a senior leadership position reporting to Reece.
Currently, BB&T's wholesale insurance operations include property and casualty broker CRC Insurance Services, managing general agent Southern Cross TAPCO Underwriters and managing general underwriter AmRisc LLP. Including its retail operations, BB&T Insurance is the sixth largest insurance broker in the U.S.
With 23 offices throughout the country, Crump Life Insurance Services supports the sale of life, long-term care, disability and annuity products, and life settlements. Crump has relationships with more than 100 life insurance companies and supports a network of more than 200,000 producers and institutional clients.
Crump Property and Casualty Insurance Services offers expertise in virtually every area of the business, from standard coverage to excess and surplus lines. Crump's specialty programs are full service managing general agents offering underwriting expertise in transportation, workers' compensation, professional liability, personal accident, and other lines of business.
"BB&T and Crump share a strong commitment to our clients and employees as evidenced by our consistently high customer satisfaction scores, industry awards and strong financial growth" Howard said. "We're excited about this partnership and look forward to bringing the wide range of Crump products and services, unique expertise, and our high-touch, caring approach to BB&T's clients."
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