BB&T Corp. (BBT) agreed Friday to acquire the life insurance services and property & casualty insurance services businesses of Crump Group Inc. for $570 million in cash as part of the financial services holding company's expansion into high-margin life insurance. The deal, which does not include Crump's Ascensus retirement services business, is expected to close in the first quarter.
Roseland, New Jersey- based Crump is one of the largest independent wholesale distributor of life insurance and provider of wholesale commercial insurance brokerage and specialty programs in the U.S.
"We're excited about this partnership and look forward to bringing the wide range of Crump products and services, unique expertise, and our high-touch, caring approach to BB&T's clients," Crump President and CEO John Howard said in a statement.
BB&T anticipates the proposed acquisition to add about $300 million in annual revenue to its insurance business. The company added that it expects to record about $570 million of intangibles as a result of this acquisition.
The combination of the tow business with BB&T will create an insurance group with unmatched resources and capabilities, and become a significant and strategic player in the high-growth, high-margin life insurance distribution business and expand our property and casualty business.
The proposed deal will also double BB&T's wholesale insurance business and create the largest wholesale broker in the U.S.
Following the closure of the deal, Howard will join BB&T in a senior leadership role, reporting to Wade Reece, BB&T Insurance chairman and CEO. Brian Winikoff, president of Crump Life Insurance Services, will continue in the same capacity.
Meanwhile, Dave Obenauer, president of Crump Property & Casualty Services, will lead the integration efforts with BB&T's wholesale property and casualty channel. Both Winikoff and Obenauer will continue to report to Howard.
In Friday's regular trading session, BBT is currently trading at $28.91, up $0.89 or 3.18% on a volume of 0.62 million shares.
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