A unit of BB&T in Winston-Salem, N.C., has agreed to buy certain assets from a wholesale insurance broker in New Jersey.
CRC Insurance Services in Birmingham, Ala., did not disclose how much it would pay for "strategic assets" tied to NAPCO in Iselin, N.J. NAPCO, a wholesale broker of commercial property catastrophe insurance coverage, provides retailers with a marketing arm for difficult placements that have significant property exposures.
CRC, which has 46 offices, generated more than $4.3 billion in casualty, property and professional premiums last year.
Separately, BB&T said that it had agreed to sell another insurance business as part of a plan to "significantly increase" its partnership with its AmRisc unit. The $187 billion-asset BB&T said in a press release late Wednesday that it will sell American Coastal Insurance in Davie, Fla., to certain members of AmRisc's management.
BB&T did not provide any additional details for how its relationship with AmRisc would change, and a company spokesman said he could not discuss the matter further.
AmRisc, formed in 2002 as a unit of BB&T's wholesale insurance business, is a managing general underwriter with nearly $1 billion in gross written premiums last year. BB&T said that AmRisc's management will retain a minority interest in the unit and "continue to strategically grow and manage the business."
The sale of American Coastal, which specializes in policies for garden-style condominiums, eliminates BB&T's exposure to potential underwriting losses in the future.
BB&T said that the AmRisc and American Coastal transactions were included in its capital plan as part of the 2015 Comprehensive Capital Analysis and Review that was recently approved by the Federal Reserve Board.
Deutsche Bank Securities and Willkie Farr & Gallagher advised BB&T. Willis Capital Markets & Advisory; Debevoise & Plimpton; and Isaacks & Associates advised AmRisc's management team.
