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BB&T Acquires Life and P&C Divisions from Crump Group

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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.

“Ascensus has been largely independent of the rest of CGI given its unique focus on the retirement plan market,” adds Ascensus President Bob Guillocheau. “Our focus will continue on growing our business through investing in our people, providing great service to our clients and in turn providing strong financial returns to our investors.” Howard will join BB&T in a senior leadership role, reporting to Wade Reece, BB&T Insurance chairman and chief executive officer, Crump Group says.

The company adds that Brian Winikoff, president of Crump Life Insurance Services, will continue in that capacity. Dave Obenauer, president of Crump Property & Casualty Services, will lead the integration efforts with BB&T’s wholesale property and casualty channel. Both Winikoff and Obenauer will continue to report to Howard.

J.P. Morgan Securities LLC, Sandler O’Neill + Partners, L.P. and Morgan Stanley served as financial advisors and Debevoise & Plimpton LLP served as legal advisor to Crump Group, Inc. in this transaction, Crump Group disclosed.