BIRMINGHAM, Ala., April 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 strategic assets of NAPCO, LLC (Napco). Terms were not disclosed.
Founded in 1996, Napco is a leading independent wholesale broker of commercial property catastrophe insurance coverage. The Iselin, N.J.-based privately held company provides retailers with an efficient, single source, independent marketing arm for difficult placements that have significant property exposures.
"Napco is an outstanding company with a thorough understanding of the unique challenges associated with property catastrophic insurance," said John Howard, BB&T Insurance Holdings, Inc., vice chairman and Wholesale Division president and CEO.
CRC, with more than $4.3 billion in casualty, property and professional premiums during 2014, is a leading wholesale property and casualty insurance broker in the United States. Founded in 1982, CRC has 46 offices throughout the country.
"The Napco team is very excited to be joining CRC, an organization that is committed to being the best in the industry. This business combination will be very beneficial to our clients and our employees," said David Pagoumian, Napco president and CEO who will continue to serve in his leadership position. "Our goal is to continue providing the greatest value possible to our clients. We believe that joining forces with the insurance industry leader will keep us meeting that goal for the long run."
BB&T is one of the largest financial services holding companies in the U.S. with $186.8 billion in assets and market capitalization of $26.8 billion, as of Dec. 31, 2014. Based in Winston-Salem, N.C., the company operates 1,839 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 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 BBT.com.
SOURCE BB&T Corporation