San Diego insurance brokerage bought, BB & T-daughter
BB & T Corp. ‘insurance subsidiary made its first major blow to the West Coast with its acquisition of UnionBanc Insurance Services Inc. in San Diego.
BB & T Insurance Services said yesterday that the purchase of insurance brokers of the Union Bank of California in an amount unknown. The transaction is expected to close by June 30.
The transaction represents the third purchase of BB & T Insurance Services, the seventh largest insurance broker in the country. By way of comparison, UnionBanc Insurance Services is the 31 largest insurance broker.
BB & T subsidiary already has a presence in 2004 in California by his too McGriff, Seibels & Williams Inc., specializes in large accounts and CRC Insurance Services Inc., targets large-assurance.
“We welcome the extension in California, the No. 1 for the values of public insurance in the country,” said Wade Reece, Chairman and Chief Executive of the insurance subsidiary. “It is very important for us to purchase on the retail market of insurance brokerage business.”
UnionBanc Insurance Services has 369 employees and operates eight offices divided equally between Northern California and Southern California and one in Oregon. It functions as a method of BB & T, a subsidiary of insurance.
BB & T focuses on the purchase of insurance brokerage in recent years. The parent company in October entered its second moratorium imposed itself for the banking community. It took a similar approach between January 2004 and December 2005.
Insurance commissions are increasingly important to the parent company’s bottom line. With $ 212 million in revenue in the first quarter, insurance commissions at the forefront among the seven major banks fee-based income groups and account for 27 percent of income zinsunabhängigen.
“It is a little surprising to see a bank, each bank will do even strategic, because we have seen very little activity of a strategic industrial partner hunkered in preventing credit foxholes-August missiles since the Last year, “said Tony Plath, a financial contribution - Professor at the UNC-Charlotte.
“Since John Allison’s with the ever Subprime market, it is actually avoid most of the mortgage Chaos - at least so far - giving the opportunity to think strategically and not defensive.”
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