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BB&T Corp. Completes Acquisition Of Crump Insurance Businesses
BB&T Corp. announced that it has acquired the life and property and casualty insurance operating divisions of Roseland, N.J.- based Crump Group Inc. The acquisition creates the independent wholesale distributor of life insurance and one of the providers of wholesale commercial insurance brokerage and specialty programs in the U.S. BB&T paid $570 million in cash to complete the transaction, which is expected to be accretive to earnings and to add approximately $300 million in annual revenue to BB&T Insurance. The acquisition did not include Crump's retirement services business (Ascensus).
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