WINSTON-SALEM, N.C.,
April 1, 2015 /PRNewswire/
-- BB&T Insurance Holdings Inc., a subsidiary of BB&T
Corporation (NYSE: BBT), announced today it has reached an
agreement to significantly increase its partnership interest in
AmRisc, LP (AmRisc). In a related agreement, BB&T Corporation
agreed to sell American Coastal Insurance Company (AmCoastal) to
certain members of the AmRisc management team.
Management of AmRisc will retain a minority interest in the
company and continue to strategically grow and manage the business.
AmRisc has grown into a leading managing general underwriter (MGU)
with gross written premiums approaching $1
billion in 2014. As an MGU, AmRisc does not assume any
underwriting risk and represents an attractive fee income business
for BB&T that is highly complementary and strategically
important to BB&T Insurance Holdings.
The sale of American Coastal Insurance Company eliminates
BB&T's exposure to potential underwriting losses in the future.
The net effect of these two transactions is not expected to have a
material impact on BB&T's earnings or capital position. These
transactions were included in BB&T's capital plan as part of
the 2015 Comprehensive Capital Analysis and Review (CCAR). The
Federal Reserve System accepted BB&T's 2015 CCAR submission and
did not object to its proposed capital actions.
Deutsche Bank Securities Inc. served as financial advisor to
BB&T. Willkie Farr &
Gallagher LLP served as legal counsel to BB&T in this
transaction. Willis Capital Markets & Advisory served as
financial advisor to the AmRisc management team. Debevoise &
Plimpton, LLP and Isaacks & Associates, Ltd. LLP, served as
legal counsel to AmRisc in this transaction.
About BB&T Insurance Holdings
Raleigh, N.C.-based BB&T Insurance
Holdings, the fifth largest insurance broker in the U.S. and the
sixth largest internationally, is a wholly owned subsidiary of
BB&T Corporation. BB&T Insurance Holdings operates more
than 100 insurance agencies through subsidiaries BB&T Insurance
Services, BB&T Insurance Services of California, and McGriff, Seibels &
Williams. Visit http://Insurance.BBT.com to learn more.
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with $186.8 billion in assets and market
capitalization of $28.0 billion, as
of December 31, 2014. Based in
Winston-Salem, N.C., the company
operates 1,839 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 has been 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 bbt.com.
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SOURCE BB&T Corporation