BB&T Insurance Holdings closes on Regions Insurance Group acquisition
Jul 2, 2018
WINSTON-SALEM, N.C., July 2, 2018 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) announced today that BB&T Insurance Holdings, Inc. (BB&T Insurance) has completed its acquisition of Regions Insurance Group (Regions Insurance) from Regions Financial Corporation (NYSE: RF). Terms were not disclosed.
Regions Insurance is a leading insurance broker serving more than 60,000 clients across the Southeast, Texas and Indiana. It offers property and casualty and employee benefits products to businesses through a retail network of insurance professionals. This acquisition adds incremental balance to BB&T's insurance business between its wholesale and retail insurance channels. With the completion of this acquisition, BB&T Insurance's retail network will contribute almost half of its insurance brokerage revenue.
In June, BB&T Insurance Holdings, Inc., announced it was rebranding its BB&T Insurance Services retail broker as McGriff Insurance Services which includes Regions Insurance Group. BB&T Insurance Services of California and BridgeTrust Title were not included in this initial rebranding.
RBC Capital Markets served as financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to BB&T in this transaction.
About BB&T Insurance Holdings
BB&T Insurance Holdings, the fifth largest insurance broker in the U.S. and internationally, is a wholly owned subsidiary of BB&T Corporation. BB&T Insurance Holdings operates more than 230 offices through subsidiaries McGriff Insurance Services, BB&T Insurance Services of California, McGriff, Seibels & Williams, CRC Insurance Services, Crump Life Insurance Services and AmRisc, LLC.
BB&T is one of the largest financial services holding companies in the U.S. with $220.7 billion in assets and market capitalization of approximately $40.6 billion as of March 31, 2018. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., BB&T operates more than 2,000 financial centers in 15 states and Washington, D.C. A Fortune 500 company, BB&T is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. 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: Alan Greer, Executive Vice President, BB&T Investor Relations, (336) 733-3021, AGreer@BBandT.com, Richard Baytosh, Senior Vice President, BB&T Investor Relations, (336) 733-0732, RBaytosh@BBandT.com, David White, Vice President, BB&T Corporate Communications, (336) 733-1471, email@example.com
At BB&T, we're committed to creating superior, long-term economic rewards for our shareholders, excellent asset quality relative to our peers, superior dividend yield, and strong revenue growth.
We strive to help our clients achieve economic success and financial security. Learn more about our company, leadership initiatives and commitment to diversity.
The BB&T story continues to unfold. Read about how we seek to make the world a better place for our clients, associates and communities.
From funding education programs to lending a hand to charitable organizations, BB&T is proud to join our friends and neighbors in building stronger and more vital communities.