BB&T Corporation and its subsidiary Raleigh, N.C.-based BB&T Insurance, announced today that it will acquire the life and property/casualty insurance operating divisions of Roseland, N.J.- based Crump Group Inc. Crump is the largest independent wholesale distributor of life insurance and one of the largest providers of wholesale commercial insurance brokerage and specialty programs in the United States, according to BB&T.
BB&T reports that under the terms of the agreement, the company will acquire Crump Life Insurance Services and Crump Property & Casualty Insurance Services for $570 million in cash. The transaction, which exceeds BB&Ts acquisition criteria, is expected to add approximately $300 million in annual revenue to BB&T Insurance. BB&T expects to record approximately $570 million of intangibles as a result of this acquisition. The transaction, which is subject to regulatory approval, is expected to close in the first quarter. This transaction does not include Crump’s retirement services business (Ascensus).
Crump Life Insurance Services currently has 23 offices throughout the country that support the sale of life, long-term care, disability and annuity products, and life settlements. Crump has relationships with more than 100 life insurance companies and supports a network of more than 200,000 producers and institutional clients, says BB&T.
Currently, BB&Ts wholesale insurance operations include property/casualty broker CRC Insurance Services, managing general agent Southern Cross TAPCO Underwriters and managing general underwriter AmRisc LLP. Including its retail operations, BB&T Insurance is the sixth largest insurance broker in the United States, reports the company.
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