RALEIGH, N.C., Sept. 27, 2011 /PRNewswire/ -- BB&T Insurance Services, the nation's sixth largest insurance broker, announced its entrance into the metro Baltimore area with the acquisition of Atlantic Risk Management Corporation of Columbia, Md.
Founded in 1981, Atlantic Risk Management is a commercial property and casualty and employee benefits broker with 45 employees.
The transaction is expected to be completed in October. Terms were not disclosed.
"This acquisition provides an attractive foothold for us in metro Baltimore and a broader representation in the Washington, D.C., area. It will extend our deep relationships with BB&T banking clients and open doors to new clients," said Wade Reece, BB&T Insurance Services chairman and chief executive officer. "We couldn't have asked for a better partner to get us here today. Atlantic Risk Management has been one of the most successful commercial insurance agencies in the mid-Atlantic for the past 30 years."
Atlantic Risk provides risk management consulting and a full array of business insurance products and services operating both on a local and national level. Two of its niche offerings include surety bonds for the construction industry and telecommunications insurance for independent cellular tower owners, paging companies, and related companies.
"By becoming part of BB&T Insurance, not only will our clients enjoy the benefit of market clout, added services and a relationship with the sixth largest insurance agency in the United States, they will still be taken care of by the same people that they have trusted for years," said Pete Marcelli, Atlantic Risk Management chairman and co-founder. "This is a winning combination and a great move for our employees and clients."
Atlantic Risk will operate as BB&T-Atlantic Risk Management. Mary Ann Marbury, Atlantic Risk president, will continue to oversee the operation. BB&T Insurance Services operates an existing Maryland agency in Frederick, BB&T-Frederick Underwriters.
About BB&T Insurance Services
BB&T Insurance Services, the sixth largest insurance broker in the U.S. and the seventh largest internationally, is a wholly owned subsidiary of BB&T Corp. BB&T Insurance Services operates more than 100 insurance agencies in North Carolina, Virginia, Georgia, South Carolina, Maryland, West Virginia, Tennessee, Florida, Kentucky and California. Earlier this year, it earned Greenwich Excellence customer satisfaction awards for large corporate insurance brokerage in the United States, and middle market insurance brokerage in the South. Visit http://insurance.bbt.com to learn more.
BB&T Corporation (NYSE: BBT) is one of the largest financial services holding companies in the U.S. with $159 billion in assets and market capitalization of $18.7 billion, as of June 30, 2011. Based in Winston-Salem, N.C., the company operates approximately 1,800 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 J.D. Power and Associates, 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 www.BBT.com.
SOURCE BB&T Corporation