Winston-Salem, N.C.-based bank BB&T Corp. has acquired Roseland, N.J.-based wholesale-insurance broker Crump Group Inc.
BB&T says it will acquire Crump Property and Casualty Insurance Services and Crump Life Insurance Services for $570 million in cash from the private-equity firm J.C. Flowers & Co.
BB&T says the deal is expected to add approximately $300 million in annual revenue to BB&T Insurance.
The transaction, which is still subject to regulatory approval, is expected to close during the first quarter of this year. BB&T does not acquire Crump's retirement-services business, Ascensus, but does acquire the rights to the Crump name.
BB&T, which owns one of the top-10 insurance-brokerage firms in the United States, will become the largest wholesale broker in the country. The firm owns the wholesale P&C brokerage firm CRC Insurance Services, managing general agent Southern Cross TAPCE Underwriters and managing general underwriter AmRisc LLP.
J.C. Flowers acquired Crump in 2005 from Marsh when it was then a P&C wholesale-brokerage firm. Flowers in 2007 went on to acquire BISYS, which is concentrated in wholesale-life products, and combined the two operations.
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