CRC Insurance Services, the wholesale insurance subsidiary of BB&T Corporation's principal subsidiary Branch Banking and Trust Company, has completed the purchase of Southern Risk Operations.
Southern Risk is an excess and surplus insurance broker that focuses on finding coverage for a range of risks, including high-risk personal and commercial properties along the east coast.
Southern Risk will operate as a division of CRC managing general agency Southern Cross Underwriters. Terms of the deal were not disclosed.
Tom Curtin, CEO of CRC, said: In our continuing quest to become a complete excess and surplus lines broker, the addition of Southern Risk to the CRC team is an important move that will certainly boost our presence in the managing general agent segment of the industry. They bring a wealth of experience and provide a great complement to the wholesale and managing general underwriter segments that already exist at CRC.