BB&T Insurance Services, the nation’s sixth largest insurance broker, reports it plans to acquire J. Rolfe Davis Insurance of Maitland, Fla.
Founded in 1942 by former Orlando mayor J. Rolfe Davis, the privately-held broker is ranked among the nation’s top 100 large agencies.
“We’ve wanted to build a solid presence in metro Orlando for some time now, and this new partnership, combined with nearby BB&T-Burkey Risk Services, certainly puts us in that position,” said Wade Reece, chairman and chief executive officer of BB&T Insurance Services.
BB&T acquired Burkey Risk Services of Maitland and Boynton Beach in March.
The J. Rolfe Davis transaction is expected to be completed by the end of the month. Terms were not disclosed.
BB&T Insurance Services also operates Florida agencies BB&T-Iler Wall & Shonter of St. Petersburg, BB&T-Wyman, Green & Blalock of Bradenton, and BB&T-Landrum Yaeger of Tallahassee.
With more than 130 employees, J. Rolfe Davis is made up of five divisions: commercial property and casualty, employee benefits, personal lines, financial services and retirement plans.
David McKinney, chief executive officer of J. Rolfe Davis.
and his partners, Don Boone and Bruce Arrow, will continue in their positions with BB&T-J. Rolfe Davis.
BB&T Insurance Services is a wholly owned subsidiary of Branch Banking and Trust Co. It operates 100 insurance agencies in North Carolina, Virginia, Georgia, South Carolina, Maryland, West Virginia, Tennessee, Florida, Kentucky and California.
Branch Banking and Trust Co. is the principal subsidiary of Winston-Salem N.C.-based BB&T Corp.
Source: BB&T
http://www.bbt.com/
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