Crump Group Insurance (CGI) has decided to sell its life insurance and property and casualty insurance divisions to BB&T along with the rights to the Crump name.
The acquisition of CGI is expected to double BB&T’s wholesale insurance business with increased access to greater resources and capabilities.
After this transaction, the company’s retirement services division Ascensus will continue to operate independently.
As part of the transaction, CGI president and CEO John Howard will join in a senior leadership role and report to BB&T Insurance chairman and chief executive officer Wade Reece.
Crump Life Insurance Services president Brian Winikoff, and Crump Property & Casualty Services president Dave Obenauer will continue in their current roles. Both will report to Howard.
In this transaction, Crump’s financial advisors include JP Morgan Securities, Sandler O’Neill + Partners and Morgan Stanley while Debevoise & Plimpton served as legal advisor.