Striking its second deal in less than a week, BB&T Corp.'s insurance unit announced Tuesday that it is expanding into the Baltimore/Washington metropolitan market by acquiring Atlantic Risk Management Corp. of Columbia, Md.
Founded in 1981, Atlantic Risk Management is an employee benefits broker and a commercial property and casualty insurer with 45 employees. In a news release, Wade Reece, the chairman and chief executive of BB&T Insurance Services, said that the acquisition would help BB&T deepen relationships with its commercial banking clients in the Baltimore/Washington region and "open doors to new clients."
The announcement of comes just five days after BB&T said it was buying Liberty Insurance Services, a 20-year-old employee benefits broker in San Jose, Calif., with 25 employees. Both deals are expected to close Oct. 1. Terms of the acquisitions were not disclosed.
BB&T Insurance Services is the sixth-largest insurance broker in the U.S., operating more than 100 insurance agencies in North Carolina, Virginia, Georgia, South Carolina, Maryland, West Virginia, Tennessee, Florida, Kentucky and California.
