BIRMINGHAM, Ala., Oct. 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 Connecticut
Underwriters, Inc. (CUI). Terms were not disclosed.
Founded in 1964, Connecticut Underwriters is a premier wholesale
broker/managing general agent (MGA) that has grown into one of the
northeast's leading independent excess and surplus lines brokers.
The Middletown, Conn.-based
privately held company prides itself on providing exceptional
service and unique market access. CUI will operate as part of CRC's
Southern Cross Underwriters (SCU) division.
"Connecticut Underwriters is an excellent company that is highly
regarded within the industry. We are eager to begin working with
them to achieve strategic geographic goals," said John Howard, vice chairman and CEO of the
Wholesale and Specialty division of BB&T Insurance Holdings.
Howard was recently named chairman and CEO of BB&T Insurance
Holdings Inc. effective Jan. 1,
2016.
CRC, with more than $4.3 billion
in casualty, property and professional premiums during 2014, is the
second largest wholesale property and casualty insurance broker in
the United States. Founded in
1982, CRC has 46 offices throughout the country.
"This is very exciting news for the Connecticut Underwriters
team," said Bill Kiley, Connecticut
Underwriters president who will serve as regional director after
the transaction is complete. "We look forward to joining CRC and
having the opportunity to continue to deliver to our clients the
same high level of service."
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with approximately
$210 billion in assets and market
capitalization of approximately $31.3
billion, as of August 17,
2015. Based in Winston-Salem,
N.C., the company operates 2,149 financial centers in 15
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. BB&T
has also been named one of the World's Strongest Banks by Bloomberg
Markets Magazine, one of the top three in the U.S. and in the top
15 globally. 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