CRC Insurance Services Inc., BB&T Corp.'s wholesale insurance arm, has announced the closing of its purchase of Southern Risk Operations LLC, a Sumter, S.C., excess and surplus insurance broker.
Southern Risk specializes in finding coverage for a range of risks, including high-risk personal and commercial properties along the East Coast, the companies said on Tuesday.
The 18-year-old company has branches in Miami; Marlton, N.J.; Concord, N.H.; and Timonium, Md., through its Horan Goldman subsidiary.
CRC Insurance Services in Birmingham, Ala., had $3 billion of premiums last year. It has 26 offices and 865 employees and was acquired by BB&T in 2002.
Southern Risk will operate as a division of CRC's managing general agency, Southern Cross Underwriters. The price of the deal was not disclosed.
CRC bought Southern Cross in Jackson, Miss., in 2003. Founded in 1976, Southern Cross specializes in small- and middle-market accounts, including property and casualty coverage for coastal homeowners and marine exposures.
Southern Risk Operations was founded in 1990 by Jim Mayes, the company's president. It has 78 employees, and its specialty lines include commercial transportation, property and liability, marine, and professional coverage for directors and officers.