BB&T Insurance Services has announced that it will buy Puckett, Scheetz & Hogan, a South Carolina coastal property insurance specialist.
The Myrtle Beach company, which is the largest insurance provider in South Carolina, sells risk management services for businesses and families. It has 50 employees.
The deal, which is expected to close early this month, would give BB&T the largest insurance market share in the Myrtle Beach area a little more than a year after the company gained the area's top banking market share, the company said Wednesday.
The deal's price was not disclosed.
Mike Hogan, the president of Puckett, Scheetz & Hogan, who founded the agency in 1989, is to remain as a manager at what will be renamed BB&T-Puckett, Scheetz & Hogan once the deal closes. It began as a coastal branch of the former Puckett, Scheetz & Hagler agency in Greenville, S.C.
BB&T Insurance Services in Raleigh, N.C., is a subsidiary of BB&T Corp., a Winston-Salem, N.C., banking company.