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BUSINESS
BB&T subsidiary purchases Southern Risk
BIRMINGHAM, Ala. -- The wholesale insurance subsidiary of regional bank BB&T Corp. said Tuesday that it has purchased Southern Risk Operations LLC, an insurance brokerage.
Terms of the acquisition of Southern Risk by the BB&T subsidiary, CRC Insurance Services Inc., were not disclosed.
Southern Risk, based in Sumter, S.C., is an excess-and-surplus insurance broker specializing in finding coverage for a broad range of risks, including high-risk residential and commercial properties along the East Coast. Founded in 1990, it operates branch offices in Miami; Marlton, N.J.; Concord, N.H.; and Timonium, Md., CRC said in a news release.
CRC, based in Birmingham, Ala., calls itself the largest wholesale property-and-casualty insurance broker in the United States, having written about $3 billion in premiums last year. Southern Risk will operate as a division of CRC, it said.
