BB&T to Buy Insurance Broker in Connecticut

BB&T in Winston-Salem, N.C., has agreed to buy an insurance broker in Connecticut.

The $210 billion-asset company said in a press release Friday that CRC Insurance Services, its wholesale insurance unit, would buy Connecticut Underwriters Inc. in Middletown. BB&T did not disclose any financial terms for the deal.

Connecticut Underwriters, a broker of excess and surplus lines, has offices in Connecticut, Massachusetts, New Hampshire and Pennsylvania.

"Connecticut Underwriters is an excellent company that is highly regarded within the industry," said John Howard, chief executive of the wholesale and specialty division of BB&T Insurance Holdings. "We are eager to begin working with them to achieve strategic geographic goals."

Bill Kiley, Connecticut Underwriters' president, will become as regional director after the transaction is completed.

BB&T has recently made a number of acquisitions in the Northeast, including its completed deal for Susquehanna Bancshares in Lititz, Pa., and a pending arrangement to buy National Penn Bancshares in Boyertown, Pa.