WINSTON-SALEM, N.C.,
Oct. 1, 2015 /PRNewswire/
-- BB&T IHC International Ltd., a subsidiary of BB&T
Corporation (NYSE: BBT), announced today it has reached an
agreement to enter into a partnership with Willis Group Holdings
(NYSE: WSH), the global risk advisor, re/insurance broking and
human capital and benefits firm, and Miller Insurance Services LLP,
a specialist wholesale insurance broker operating internationally
and a top five Lloyd's broker.
On June 1, 2015, Willis announced
that it had acquired an 85 percent interest in the Miller
partnership. Partners of Miller retain the remaining 15 percent
interest which will be transferred to new generations of Miller
partners in perpetuity. Willis' acquisition of an 85 percent stake
in Miller Insurance Services LLP was completed through Miller 2015
Limited, a subsidiary of Willis established exclusively to house
this partnership.
BB&T has agreed to acquire 19.9 percent of Miller 2015
Limited from Willis, resulting in a 16.9 percent interest in Miller
Insurance Services LLP.
"The Lloyd's market is a global center of excellence for
specialty insurance and is strategically important to BB&T
Insurance Holdings. This investment establishes stronger
connectivity with the Lloyd's market and provides greater certainty
of high quality access for BB&T Insurance. Miller has
been a strong and valuable partner. We are pleased to be able to
deepen our relationship through an ownership stake and enhance
BB&T Insurance's overall customer value proposition and
offering," 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.
The transaction is subject to customary closing conditions
including regulatory approval and is expected to close in the
fourth quarter of 2015. Terms of the transaction were not
disclosed. This transaction was contemplated in BB&T's capital
plan that has been approved by the Federal Reserve as part of the
2015 Comprehensive Capital Analysis and Review (CCAR) and does not
change BB&T's previously announced capital actions.
Deutsche Bank Securities Inc. served as financial advisor to
BB&T. Willkie Farr &
Gallagher LLP and Wachtell, Lipton, Rosen & Katz served as
legal counsel to BB&T 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
approximately 200 insurance agencies through subsidiaries BB&T
Insurance Services, BB&T Insurance Services of California, McGriff, Seibels & Williams,
CRC Insurance Services, AmRisc, Tapco Underwriters and Crump Life
Insurance Services. Visit 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 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