BB&T Insurance Holdings closes on Regions Insurance Group acquisition
WINSTON-SALEM, NC — BB&T Corporation (NYSE: BBT) announced 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.