BB&T Insurance Services to acquire California agency

Purchase of Liberty Benefit Insurance expands BB&T’s foothold in California

Sep 22, 2011, 09:34 ET from BB&T Corporation

RALEIGH, N.C., Sept. 22, 2011 /PRNewswire/ -- BB&T Insurance Services, the nation's sixth largest insurance broker, today said it will expand its California operations with the acquisition of Liberty Benefit Insurance Services of San Jose, Calif.

Liberty will operate as BB&T-Liberty Benefit Insurance Services. The acquisition adds 25 employees to BB&T Insurance Services.

The transaction is expected to be completed Oct. 1. Terms were not disclosed.

Liberty, a full-service employee benefits broker founded in 1991, partners with large commercial clients in the San Francisco Bay Area to help them manage rising health care costs, changing regulations and complex benefits administration.

"We're excited about our expansion in California," said Wade Reece, BB&T Insurance Services chairman and chief executive officer. "We've always said we have long-term faith in California, the No. 1 state for insurance values in the country and the 10th largest economy in the world."  

BB&T Insurance Services entered the state in June 2008 with its acquisition of San Diego-based UnionBanc Insurance Services. BB&T Insurance Services operates California agencies in Folsom, Fullerton, Glendale, Irvine, Pleasanton, San Diego and San Francisco.

"We could not be more pleased to welcome an agency with the superior reputation for benefits expertise and client service that Liberty Benefit Insurance Services has," said Martin Loth, president and chief executive officer of BB&T Insurance Services of California.  "For nearly two decades, Liberty has been relentless in finding new ways to ease what so many company executives will tell you is one of their largest burdens."

Competitive benefits programs are a prerequisite these days for companies seeking to attract and retain top talent. Liberty touts its deep expertise in proprietary technology and carrier relationships, as well as services such as plan analysis, HR consulting and financial auditing.

"We're essentially the optimal extension of a large company's human resources, benefits and risk management departments– focused on expense reduction and a preeminent level of customer service," said Dixon Greer , president, Liberty Benefit Insurance Services.  "By partnering with the sixth largest broker in the country, our clients will have access to a broader offering of insurance and risk management services from a nationally recognized leader in the industry."

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.

About BB&T

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



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