WINSTON-SALEM, N.C.,
July 2, 2018 /PRNewswire/ -- BB&T
Corporation (NYSE: BBT) announced today that BB&T Insurance
Holdings, Inc. (BB&T Insurance) has completed its acquisition
of Regions Insurance Group (Regions Insurance) from Regions
Financial Corporation (NYSE: RF). Terms were not disclosed.
Regions Insurance is a leading insurance broker serving more
than 60,000 clients across the Southeast, Texas and Indiana. It offers property and casualty and
employee benefits products to businesses through a retail network
of insurance professionals. This acquisition adds incremental
balance to BB&T's insurance business between its wholesale and
retail insurance channels. With the completion of this acquisition,
BB&T Insurance's retail network will contribute almost half of
its insurance brokerage revenue.
In June, BB&T Insurance Holdings, Inc., announced it was
rebranding its BB&T Insurance Services retail broker as McGriff
Insurance Services which includes Regions Insurance Group. BB&T
Insurance Services of California
and BridgeTrust Title were not included in this initial
rebranding.
RBC Capital Markets served as financial advisor and Willkie Farr & Gallagher LLP served as legal
counsel to BB&T in this transaction.
About BB&T Insurance Holdings
BB&T Insurance
Holdings, the fifth largest insurance broker in the U.S. and
internationally, is a wholly owned subsidiary of BB&T
Corporation. BB&T Insurance Holdings operates more than 230
offices through subsidiaries McGriff Insurance Services, BB&T
Insurance Services of California,
McGriff, Seibels & Williams, CRC Insurance Services, Crump Life
Insurance Services and AmRisc, LLC.
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with $220.7 billion in assets and market
capitalization of approximately $40.6
billion as of March 31, 2018. Building on a long
tradition of excellence in community banking, BB&T offers a
wide range of financial services including retail and commercial
banking, investments, insurance, wealth management, asset
management, mortgage, corporate banking, capital markets and
specialized lending. Based in Winston-Salem, N.C., BB&T operates more
than 2,000 financial centers in 15 states and Washington, D.C. A Fortune 500 company,
BB&T is consistently recognized for outstanding client service
by Greenwich Associates for small business and middle market
banking. 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