BIRMINGHAM, Ala., April 2, 2015 /PRNewswire/ -- CRC Insurance
Services Inc., (CRC) a wholesale insurance subsidiary of BB&T
Corporation's principal subsidiary Branch Banking and Trust
Company, announced today an agreement to acquire strategic assets
of NAPCO, LLC (Napco). Terms were not disclosed.
Founded in 1996, Napco is a leading independent wholesale broker
of commercial property catastrophe insurance coverage. The
Iselin, N.J.-based privately held
company provides retailers with an efficient, single source,
independent marketing arm for difficult placements that have
significant property exposures.
"Napco is an outstanding company with a thorough understanding
of the unique challenges associated with property catastrophic
insurance," said John Howard,
BB&T Insurance Holdings, Inc., vice chairman and Wholesale
Division president and CEO.
CRC, with more than $4.3 billion
in casualty, property and professional premiums during 2014, is a
leading wholesale property and casualty insurance broker in
the United States. Founded in
1982, CRC has 46 offices throughout the country.
"The Napco team is very excited to be joining CRC, an
organization that is committed to being the best in the industry.
This business combination will be very beneficial to our clients
and our employees," said David
Pagoumian, Napco president and CEO who will continue to
serve in his leadership position. "Our goal is to continue
providing the greatest value possible to our clients. We believe
that joining forces with the insurance industry leader will keep us
meeting that goal for the long run."
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 $26.8 billion, as
of Dec. 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 is consistently recognized for outstanding
client satisfaction by 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/crc-insurance-services-to-acquire-strategic-assets-of-napco-llc-300060142.html
SOURCE BB&T Corporation