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BB&T Insurance To Expand In California

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BB&T Insurance Services has agreed to buy the insurance operations of UnionBanCal Corp.

BB&T Insurance is an arm of BB&T Corp., Raleigh, N.C., that sells employee benefits as well as property-casualty commercial insurance lines through 134 insurance agencies.

UnionBanCal, San Francisco, is the parent of Union Bank of California, and of Union Bank’s Union Insurance unit.

“We’ve made a decision to exit the insurance brokerage business in order to concentrate our efforts on enhancing other core fee-based lines of business, including wealth and asset management, institutional services and capital markets-related activities,” says Johannes Worsoe, a senior executive vice president at Union Bank.