CRC Insurance Services to acquire Connecticut Underwriters, Inc.
Oct 2, 2015
BIRMINGHAM, Ala., Oct. 2, 2015 /PRNewswire/ -- CRC Insurance Services Inc., (CRC) a wholesale insurance subsidiary of BB&T Corporation's principal subsidiary Branch Banking and Trust Company, announced today an agreement to acquire Connecticut Underwriters, Inc. (CUI). Terms were not disclosed.
Founded in 1964, Connecticut Underwriters is a premier wholesale broker/managing general agent (MGA) that has grown into one of the northeast's leading independent excess and surplus lines brokers. The Middletown, Conn.-based privately held company prides itself on providing exceptional service and unique market access. CUI will operate as part of CRC's Southern Cross Underwriters (SCU) division.
"Connecticut Underwriters is an excellent company that is highly regarded within the industry. We are eager to begin working with them to achieve strategic geographic goals," said John Howard, vice chairman and CEO of the Wholesale and Specialty division of BB&T Insurance Holdings. Howard was recently named chairman and CEO of BB&T Insurance Holdings Inc. effective Jan. 1, 2016.
CRC, with more than $4.3 billion in casualty, property and professional premiums during 2014, is the second largest wholesale property and casualty insurance broker in the United States. Founded in 1982, CRC has 46 offices throughout the country.
"This is very exciting news for the Connecticut Underwriters team," said Bill Kiley, Connecticut Underwriters president who will serve as regional director after the transaction is complete. "We look forward to joining CRC and having the opportunity to continue to deliver to our clients the same high level of service."
BB&T is one of the largest financial services holding companies in the U.S. with approximately $210 billion in assets and market capitalization of approximately $31.3 billion, as of August 17, 2015. Based in Winston-Salem, N.C., the company operates 2,149 financial centers in 15 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. BB&T has also been named one of the World's Strongest Banks by Bloomberg Markets Magazine, one of the top three in the U.S. and in the top 15 globally. 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: John Howard, Vice Chairman and Wholesale President and CEO, BB&T Insurance Holdings Inc., (973) 461-2112, or Bill Kiley, President, Connecticut Underwriters, Inc., (860)-347-9600, or David White, Vice President, BB&T Corp. Communications, (336) 733-1471
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