US-based insurance brokerage company BB&T Insurance Services has signed an agreement to acquire Woodbury & Co of Wilmington, and Myrtle Beach, as part of its strategy to strengthen footprint in the Carolina coasts.
Woodbury & Co offers commercial property and casualty, employee benefits, individual life and health, personal lines, and professional liability protection to businesses and individuals across the Carolinas. The agency has more than 50 employees.
The transaction, whose financial terms have not been disclosed, is scheduled to be completed on 1 April 2014.
BB&T Insurance Holdings chairman and CEO Wade Reece said, "This will be a great combination and great addition to our Carolinas franchise given Woodbury’s well-known reputation for insurance and risk management expertise, and superior client service."
Once the acquisition is completed, BB&T Insurance Services management team together with Woodbury & Co president Eugene Woodbury and commercial lines manager Carolyn Finley will join the new company.
BB&T Insurance will integrate its existing agencies in Wilmington and Myrtle Beach with Woodbury & Co.
Operating as a wholly owned subsidiary of BB&T Corporation, the North Carolina-based firm manages more than 100 insurance agencies through its subsidiaries.
———————————————————————————————————————-Image: BB&T building in downtown Tampa, Florida. Photo: courtesy of Barbthebuilder.