CRC Insurance Services Inc., a wholesale insurance unit of BB&T Corporation’s principal subsidiary Branch Banking and Trust Company, announced an agreement to acquire Connecticut Underwriters Inc. in Middletown, Connecticut. Terms were not disclosed.
Founded in 1964, Connecticut Underwriters is an independent excess and surplus lines broker serving the Northeast region. It will operate as part of CRC Insurance Services’ Southern Cross Underwriters division. Bill Kiley, Connecticut Underwriters president, will serve as regional director after the transaction is complete, the announcement said.
CRC Insurance Services, with more than $4.3 billion in casualty, property and professional premiums during 2014, is a wholesale property/casualty insurance broker. Founded in 1982, CRC has 46 offices throughout the country.
CRC’s parent, BB&T Corporation, is a financial services holding company with $210 billion in assets and market capitalization of $31.3 billion, as of Aug. 17, 2015. Based in Winston-Salem, North Carolina, BB&T operates 2,149 financial centers in 15 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services.
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