BB&T in Winston-Salem, N.C., has agreed to acquire a stake in Miller Insurance Services, a Lloyd's market broker.

The $210 billion-asset company's BB&T IHC International unit will buy a 16.9% stake in the wholesale insurance broker from Willis Group Holdings. Financial terms were not disclosed.

Willis Group had acquired 85% of Miller earlier this year.

BB&T said the deal will enhance its insurance arm's overall customer value proposition and offering.

"This investment establishes stronger connectivity with the Lloyd's market and provides greater certainty of high quality access for BB&T Insurance," John Howard, vice chairman and chief executive of the wholesale and specialty division of BB&T Insurance Holdings, said in a news release.

BB&T has grown its insurance group through more than 100 acquisitions of agencies and brokerages in the last 25 years. It is the sixth-largest insurance broker globally and has about $1.7 billion in revenue, as of 2014.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.