Alabama-based CRC Insurance Services Inc. announced plans to buy New York City-based American Marketing Center (AMC).
AMC will operate as a division of CRC. BB&T acquired CRC on Jan. 1.
“This is about expanding our wholesale franchise and balancing our geographic network by acquiring one of the largest and most respected wholesale brokerages in the Northeast,” said Tom Curtin, president and chief executive officer of CRC. “As BB&T builds its nationwide wholesale insurance operation, New York City and the Northeast is clearly a market in which CRC and BB&T would like to build a strong presence.
The transaction should be completed in July.
“We are very excited about our upcoming partnership with CRC and BB&T,” Edwin Levine, president and founder of AMC, commented. “Our strong presence in an attractive market, outstanding professionals and diverse product offerings combined with CRC’s position as one of the largest wholesale brokers in the nation will make for a very successful partnership.”
With 105 employees, AMC operates branch offices in Chatham, N.J., Harrisburg, Pa., Ft. Lauderdale, Fla., and on Long Island, N.Y. Its Ft. Lauderdale office will be combined with CRC’s Boca Raton, Fla., office.
In 2002, CRC expects to generate $700 million in sales of property, casualty and professional insurance company placements, primarily for commercial businesses.
With 260 employees, CRC operates in 45 states, with regional offices in Chicago, Los Angeles, Houston, Atlanta, Redondo Beach, Calif., Metairie, La., and Boca Raton.
Topics Mergers & Acquisitions
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