BB&T Corp. announced Thursday that it is buying a Petersburg, Va., insurance business, its sixth insurance agency deal in as many months.
The deal for G.C. Wright Co. is BB&T's fifth in Virginia this year. Terms of the deal, which is expected to close in early June, were not released.
"We're going to look at expanding further in Virginia but probably not at the pace we've been on so far this year," said H. Wade Reece, president of BB&T Insurance Services, the banking company's Raleigh, N.C.-based insurance unit.
G.C. Wright has 12 agents and annual premiums of $15.5 million, Mr. Reece said. Though it specializes in property and casualty insurance, it also offers life, health, and title insurance, he said.
With this deal, the banking company would have 15 offices across Virginia, he said. The bank said the agency's president, Cleve Wright, would be named agency manager of BB&T-G.C. Wright Insurance.