NU Online News Service, Feb. 2, 2004, 10:54 a.m. EST – BB&T Insurance Services, Raleigh, N.C., has completed a $350 million acquisition of McGriff, Seibels & Williams Inc.[@@]

BB&T paid $300 million in stock and $50 million in cash for the Birmingham, Ala., insurance broker.

McGriff, which was founded in 1886, was the 13th largest insurance broker in the United States and the largest privately held commercial insurance broker in the Southeast. It sells health insurance and other employee benefits as well as property-casualty insurance.

McGriff is keeping its name, its management team and its 775 employees. If McGriff does well, BB&T will pay its former shareholders $102 million in extra payments over the next 5 years, BB&T says.

BB&T is a unit of BB&T Corp., Winston-Salem, N.C., a large bank holding company.