WINSTON-SALEM, N.C.,
April 1, 2016 /PRNewswire/
-- BB&T Corporation (NYSE: BBT) announced today it has
completed its acquisition of CGSC North America Holdings
Corporation (Swett & Crawford) from Cooper Gay Swett & Crawford. Swett &
Crawford is one of the most respected wholesale insurance brokers
in the U.S. and has served the commercial insurance marketplace for
more than 100 years.
Under the terms of the agreement, BB&T acquired Swett &
Crawford for $500 million in cash.
The transaction, which exceeds BB&T's acquisition criteria, is
expected to add more than $200
million in annual revenue to BB&T Insurance. BB&T
expects to record approximately $500
million of goodwill and intangibles as a result of this
acquisition. This transaction excludes Swett & Crawford's
non-U.S. business, which accounts for less than 5 percent of its
total revenue.
Swett & Crawford will operate as part of BB&T's
wholesale property and casualty broker and managing general agent,
CRC Insurance Services.
The capital used in this transaction represents a reallocation
of the remainder of BB&T's 2015 CCAR approved share
repurchases.
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.
About Swett & Crawford
For 100 years, Swett &
Crawford has delivered exceptional expertise and service to the
commercial insurance marketplace. As a wholesale insurance broker,
Swett & Crawford serves as a key intermediary between the
independent insurance agents and the nation's top insurance
carriers. Swett & Crawford works with the insured's retail
insurance agent or broker to provide comprehensive, cost-effective
commercial coverages and specialty programs for a wide variety of
risks.
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 200 insurance agencies through subsidiaries BB&T Insurance
Services, BB&T Insurance Services of California, McGriff, Seibels & Williams,
CRC Insurance Services, Crump Life Insurance Services and AmRisc,
LLC.
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with approximately
$209.9 billion in assets and market
capitalization of approximately $29.5
billion as of Dec. 31, 2015.
Based in Winston-Salem, N.C., the
company operates 2,139 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