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 (
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