BIRMINGHAM, Ala., Sept. 2 /PRNewswire-FirstCall/ -- CRC Insurance
Services Inc., the wholesale insurance subsidiary of BB&T Corporation
principal subsidiary Branch Banking and Trust Company, today completed a
purchase of Southern Risk Operations LLC.
Sumter, S.C.-based Southern Risk is an excess and surplus (E&S)
insurance broker that specializes in finding coverage for a broad range of
risks, including high-risk personal and commercial properties along the
East Coast.
The 18-year-old company also operates branch offices in Miami, Marlton,
N.J., Concord, N.H., and Timonium, Md., through its Horan Goldman
subsidiary. Horan Goldman was founded in 1963.
Birmingham-based CRC, with approximately $3 billion in premiums in
2007, is the largest wholesale property and casualty insurance broker in
the nation. Southern Risk will operate as a division of CRC managing
general agency Southern Cross Underwriters. Terms were not disclosed.
"In our continuing quest to become a complete excess and surplus lines
broker, the addition of Southern Risk to the CRC team is an important move
that will certainly boost our presence in the managing general agent
segment of the industry," said Tom Curtin, chief executive officer of CRC.
"They bring a wealth of experience and provide a great complement to
the wholesale and managing general underwriter segments that already exist
at CRC."
Southern Risk Operations was founded in 1990 by Jim Mayes, the
company's president. It has 78 employees.
"CRC and Southern Risk have been good friends but noble competitors for
many years," Mayes said. "Our outstanding professionals, attractive markets
and strong niche as an E&S lines broker - combined with CRC's position as
the largest wholesale property and casualty broker in the nation - will
create an unbeatable team. This is a positive merger for our employees, our
agents and their valued clients."
Southern Risk's specialty lines include commercial transportation,
property and liability, marine, and professional coverage for directors and
officers.
CRC acquired Jackson, Miss.-based Southern Cross Underwriters in 2003.
Founded in 1976, the CRC division specializes in small- and middle-market
accounts, including property and casualty coverage for coastal homeowners
and marine exposures.
Founded in 1982, CRC has 26 offices and 865 employees across the
country. It was acquired by BB&T in 2002.
With $136.5 billion in assets, Winston-Salem, N.C.-based BB&T
Corporation (NYSE: BBT) is the nation's 14th largest financial holding
company. It operates nearly 1,500 financial centers in 11 states and
Washington, D.C. More information about the company is available at
http://www.BBT.com .
SOURCE BB&T Corporation
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CONTACT:
Tom Curtin, Chief Executive Officer, CRC
Insurance Services, +1-205-414-2222; James Mayes, President,
Southern Risk Operations, +1-803-469-7475; Jeff Nichols, Vice
President, BB&T Corp. Communications, +1-336-733-1472
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