Banking

BB&T closes on acquisition of Swett & Crawford

Winston-Salem-based BB&T said it has closed on its purchase of wholesale insurance broker Swett & Crawford
Winston-Salem-based BB&T said it has closed on its purchase of wholesale insurance broker Swett & Crawford BLOOMBERG NEWS

Winston-Salem-based BB&T Corp. has completed its acquisition of wholesale insurance broker Swett & Crawford for $500 million in cash from London-based Cooper Gay Swett & Crawford.

The deal is expected to add more than $200 million in annual revenue to BB&T Insurance, the lender said in a recent statement. The acquisition does not include Swett & Crawford’s non-U.S. business, which accounts for less than 5 percent of its total revenue.

BB&T said Swett & Crawford will operate as part of its wholesale property and casualty broker and managing general agent, CRC Insurance Services.

The Winston-Salem bank is the third largest in the Charlotte metro area by deposits and employs about 1,900 in the area.

Katherine Peralta

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