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.