BB&T Corp. in Winston Salem, N.C., said Thursday that it had inked its third insurance deal in as many months with the acquisition of California employee-benefits consulting firm, Precept Group.
The financial terms of the deal, which closed Tuesday, were not disclosed. With the acquisition, the Raleigh, N.C.-based BB&T Insurance Services adds offices in Irvine and San Ramon, Calif., and 140 employees.
The agency will operate under the name Precept Group and will continue to manage Precept Consulting Services and ProView Benefits Administration Services.
BB&T said in a press release that Precept is in position to grow as employers seek more consulting services to help meet the requirements of the Patient Protection and Affordable Care Act.
"For 24 years, Precept has provided employee-benefit solutions to progressive employers that improve employee health, bring greater efficiency to human resource functions, and deliver short- and long-term savings," Wade Reece, BB&T Insurance Services chairman and chief executive, said in a press release. "This acquisition positions us as a leader in this space at the most opportune time imaginable."
After a two-year break from buying insurance agencies, BB&T is back on the prowl, specifically targeting firms on the East Coast and in certain parts of California that have at least $5 million and $10 million in annual sales. Since September, BB&T has
BB&T Insurance entered California market in June 2008 with the acquisition of San Diego-based UnionBanc Insurance Services.
Also this week, the $168 billion-asset BB&T announced on Tuesday its first bank deal in two years with an agreement to
The recent moves are in line with the M&A philosophy that BBT's chairman and CEO, Kelly King,
"We're not spending any energy worrying about the really big deals. I frankly think those get a lot of talk. They are very unlikely. … We are focusing an appropriate amount of energy on the medium-size deals," he said.
