BB&T Insurance Services to acquire Woodbury & Co.
RALEIGH, N.C., March 27, 2014 /PRNewswire/ — BB&T Insurance Services, the sixth largest broker in the U.S. and the world, today said it will expand its presence on the Carolina coasts with the acquisition of Woodbury & Co. of Wilmington, N.C., and Myrtle Beach, S.C.
Woodbury & Co. provides commercial property and casualty; employee benefits; individual life and health; personal lines; and professional liability protection to businesses and individuals throughout the Carolinas. The agency has more than 50 employees.
The transaction is scheduled to be completed April 1. Terms were not disclosed.
“We could not be more pleased to welcome one of the oldest and most highly regarded agencies in the Southeast to our team,” said BB&T Insurance Holdings Chairman and CEO Wade Reece. “This will be a great combination and great addition to our Carolinas franchise given Woodbury’s well-known reputation for insurance and risk management expertise, and superior client service.”
Woodbury & Co. was founded in 1932 by Louie E. Woodbury Jr. The agency’s top two leaders, President Eugene Woodbury and Commercial Lines Manager Carolyn Finley, have been with the company for more than 50 years and will be welcomed additions to the BB&T Insurance Services management team.
“BB&T Insurance is known to treat its clients, employees and communities very well, which matches up perfectly with our culture,” Woodbury said. “By becoming part of BB&T Insurance, not only will our clients enjoy the benefit of market clout, added services and a relationship with the sixth largest insurance broker in the United States and the world, they will continue to be taken care of by the same people they’ve trusted for years.”
Woodbury’s commercial lines staff has expertise in multiple industries, including construction, habitational, trucking, manufacturing, medical, financial institutions, hospitality, and inland and ocean marine.
BB&T Insurance will combine its existing agencies in Wilmington and Myrtle Beach with Woodbury & Co.
About BB&T Insurance Holdings
Raleigh, N.C.-based BB&T Insurance Holdings, the sixth largest insurance broker in the U.S. and internationally, is a wholly owned subsidiary of BB&T Corporation. BB&T Insurance Holdings operates more than 100 insurance agencies through subsidiaries BB&T Insurance Services, BB&T Insurance Services of California, and McGriff, Seibels & Williams. Visit http://insurance.bbt.com to learn more.
BB&T (NYSE: BBT) is one of the largest financial services holding companies in the U.S. with $183 billion in assets and market capitalization of $26.4 billion, as of December 31, 2013. Based in Winston-Salem, N.C., the company operates 1,825 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at BBT.com.
SOURCE BB&T Corporation