BB&T Insurance completes ownership increase in leading managing general underwriter and the divestiture of insurance company
Jun 1, 2015
WINSTON-SALEM, N.C., June 1, 2015 /PRNewswire/ -- BB&T Insurance Holdings Inc., a subsidiary of BB&T Corporation (NYSE: BBT), announced today it has completed its agreement to significantly increase its partnership interest in AmRisc, LP (AmRisc). In a related announcement, BB&T Corporation completed the sale of American Coastal Insurance Company (AmCoastal) to certain members of the AmRisc management team.
Management of AmRisc will retain a minority interest in the company and continue to strategically grow and manage the business. The sale of American Coastal Insurance Company eliminates BB&T's exposure to potential underwriting losses in the future. The net effect of these two transactions is not expected to have a material impact on BB&T's earnings or capital position. These transactions were included in BB&T's capital plan as part of the 2015 Comprehensive Capital Analysis and Review (CCAR). The Federal Reserve System accepted BB&T's 2015 CCAR submission and did not object to its proposed capital actions.
Deutsche Bank Securities Inc. served as financial advisor to BB&T. Willkie Farr & Gallagher LLP served as legal counsel to BB&T in this transaction. Willis Capital Markets & Advisory served as financial advisor to the AmRisc management team. Debevoise & Plimpton, LLP and Isaacks & Associates, Ltd. LLP, served as legal counsel to AmRisc in this transaction.
About BB&T Insurance Holdings
Raleigh, N.C.-based BB&T Insurance Holdings, the fifth largest insurance broker in the U.S. and the sixth largest internationally, is a wholly owned subsidiary of BB&T Corporation. BB&T Insurance Holdings operates more than 100 insurance agencies through subsidiaries BB&T Insurance Services, BB&T Insurance Services of California, and McGriff, Seibels & Williams. Visit http://Insurance.BBT.com to learn more.
BB&T is one of the largest financial services holding companies in the U.S. with $189.2 billion in assets and market capitalization of $28.2 billion, as of March 31, 2015. Based in Winston-Salem, N.C., the company operates 1,875 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at BBT.com.
SOURCE BB&T Corporation
For further information: ANALYSTS: Alan Greer, Executive Vice President, Investor Relations, (336) 733-3021; Tamera Gjesdal, Senior Vice President, Investor Relations, (336) 733-3058; MEDIA: Cynthia A. Williams, Senior Executive Vice President, Corporate Communications, (336) 733-1470