BB&T Insurance Services, an insurance broker, has entered into the metro Baltimore area with the acquisition of Atlantic Risk Management Corporation of Maryland.
With 45 employees, Atlantic Risk Management is a commercial property and casualty and employee benefits broker.
Atlantic Risk provides risk management consulting and a full array of business insurance products and services operating both on a local and national level.
Two of its niche offerings include surety bonds for the construction industry and telecommunications insurance for independent cellular tower owners, paging companies, and related companies.
Following this acquisition, Atlantic Risk will operate as BB&T-Atlantic Risk Management. Mary Ann Marbury, Atlantic Risk president, will continue to oversee the operation.
BB&T Insurance Services chairman and CEO Wade Reece said this acquisition provides an attractive foothold for the firm in metro Baltimore and a broader representation in the Washington DC, area.
"It will extend our deep relationships with BB&T banking clients and open doors to new clients," Reece said.
The transaction is expected to be completed in October. Terms were not disclosed.