BB&T closes on acquisition of Swett & Crawford

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

This story was originally published April 4, 2016 at 7:55 AM with the headline "BB&T closes on acquisition of Swett & Crawford."