Friday, February 3, 2012

BB&T buys wholesale insurance brokerage

BB&T announced Friday that it is purchasing a wholesale insurance brokerage in a $570 million cash deal.

The acquisition of two divisions from New Jersey-based Crump Group Inc. will make the Winston-Salem bank the country's biggest wholesale life insurance distributor. It will also boost the bank's commercial insurance business.

"The deal is a great strategic fit for BB&T, immediately increasing and diversifying our fee income while driving stronger revenues," CEO Kelly King said in a statement.

The purchase is expected to increase BB&T's annual revenue by $300 million. It is expected to close in the first quarter.


Anonymous said...

A deal that'll pay for itself in two years seems too good to be true.