WINSTON-SALEM, N.C., April 1, 2016 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) announced today it has completed its acquisition of CGSC North America Holdings Corporation (Swett & Crawford) from Cooper Gay Swett & Crawford. Swett & Crawford is one of the most respected wholesale insurance brokers in the U.S. and has served the commercial insurance marketplace for more than 100 years.
Under the terms of the agreement, BB&T acquired Swett & Crawford for $500 million in cash. The transaction, which exceeds BB&T's acquisition criteria, is expected to add more than $200 million in annual revenue to BB&T Insurance. BB&T expects to record approximately $500 million of goodwill and intangibles as a result of this acquisition. This transaction excludes Swett & Crawford's non-U.S. business, which accounts for less than 5 percent of its total revenue.
Swett & Crawford will operate as part of BB&T's wholesale property and casualty broker and managing general agent, CRC Insurance Services.
The capital used in this transaction represents a reallocation of the remainder of BB&T's 2015 CCAR approved share repurchases.
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.
About Swett & Crawford
For 100 years, Swett & Crawford has delivered exceptional expertise and service to the commercial insurance marketplace. As a wholesale insurance broker, Swett & Crawford serves as a key intermediary between the independent insurance agents and the nation's top insurance carriers. Swett & Crawford works with the insured's retail insurance agent or broker to provide comprehensive, cost-effective commercial coverages and specialty programs for a wide variety of risks.
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 200 insurance agencies through subsidiaries BB&T 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 approximately $209.9 billion in assets and market capitalization of approximately $29.5 billion as of Dec. 31, 2015. Based in Winston-Salem, N.C., the company operates 2,139 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.
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SOURCE BB&T Corporation