A southeast-based financial holding company has inked an agreement to acquire two insurance divisions from an insurer.
BB&T, Winston-Salem, N.C. (NYSE: BBT), has bought the life insurance and property and casualty insurance divisions of Crump Group, Inc. (CGI), Roseland, N.J, Crump Group announced today. As part of the transaction BB&T also bought the rights to the Crump name.
Crump Group President and Chief Executive Officer John Howard says in a press statement that the company’s retirement services division, Ascensus, will continue “business as usual” after this transaction.