BB&T has completed the acquisition of wholesale insurance broker CGSC North America Holdings (Swett & Carwford) from Cooper Gay Swett & Crawford, for $500m.
The deal was first signed by both companies in February.
Since 100 years, Swett & Crawford has been serving the clients of the commercial insurance sector.
The deal is expected to add around $200m in annual revenue to BB&T Insurance. Through the acquired business, BB&T intends to achieve around $500m of goodwill and intangibles.
The transaction does not comprise of Swett & Crawford’s non-U.S. business, which accounts for less than 5% of its total revenue.
Swett & Crawford will operate as part of BB&T’s wholesale property and casualty broker and managing general agent CRC Insurance Services.
Through working with insured’s retail insurance agent or broker, Swett & Crawford offers cost-effective commercial coverages and specialty programs for a wide variety of risks.
Claimed to be the fifth largest insurance broker in the US, BB&T Insurance runs around 200 insurance agencies through subsidiaries BB&T Insurance Services, BB&T Insurance Services of California, McGriff, Seibels & Williams, CRC Insurance Services, Crump Life Insurance Services and AmRisc.
Image: BB&T building in downtown Tampa, Florida. Photo: courtesy of Barbthebuilder.