BB&T to acquire California insurance agency
RALEIGH, N.C., Nov. 3, 2011 /PRNewswire/ – BB&T Insurance Services, the nation's sixth largest insurance broker, continues to expand its California operations with the acquisition of Precept Group, an industry- leading full-service employee benefits consulting and administrative solutions firm.
With Precept offices in Irvine and San Ramon, Calif., this acquisition adds 140 employees to BB&T Insurance Services. The new agency, which operates under the Precept Group name, will continue to manage Precept Consulting Services and ProView Benefits Administration Services. The transaction closed Nov. 1. Terms were not disclosed.
BB&T entered the California market in June 2008 with its acquisition of San Diego-based UnionBanc Insurance Services. BB&T Insurance Services operates agencies there in Folsom, Fullerton, Glendale, Irvine, Pleasanton, San Diego, San Francisco and San Jose.
"For 24 years, Precept has provided employee-benefit solutions to progressive employers that improve employee health, bring greater efficiency to human resource functions, and deliver short- and long-term savings," said Wade Reece, BB&T Insurance Services chairman and chief executive officer. "This acquisition positions us as a leader in this space at the most opportune time imaginable."
As employers face potentially higher costs and expanded requirements under the Patient Protection and Affordable Care Act, many are looking for highly consultative services, including the most cost-effective plan offerings to meet the needs of their employees while managing or mitigating catastrophic risk.
"Precept's industry innovations have resulted in unique program offerings that bring together employers, employees, health plans, and health systems to transform the delivery of health care," said Martin Loth, president and chief executive officer of BB&T Insurance Services of California. "This is a very meaningful and important acquisition for us—a game-changer in terms of providing truly elite employee benefits consulting and administration services."
"Precept's enterprise-wide solution improves organizational effectiveness and efficiency and aligns key stakeholders in achieving business priorities like cost leadership and high-performing cultures," said Wade Olson, chief executive officer of Precept. "We're driven by an intense desire to provide innovative benefit solutions that give our clients a competitive advantage.
"BB&T Insurance Services and Precept share the same client- and employee-centric philosophy as documented by the recognition and awards both companies have received. I have no doubt this common practice will bring even greater value to our employees and clients alike."
Founded in 1987, Precept serves middle-market and large corporate clients, ranging from 50 to 50,000 employees, with benefits consulting, procurement, administration outsourcing, health management, retirement and online enrollment services. Precept serves organizations with employees in 42 states, as well as multinational organizations and governmental agencies.
About BB&T Insurance Services
BB&T Insurance Services, the sixth largest insurance broker in the U.S. and the seventh largest internationally, is a wholly owned subsidiary of BB&T Corp. BB&T Insurance Services operates more than 100 insurance agencies in North Carolina, Virginia, Georgia, South Carolina, Maryland, West Virginia, Tennessee, Florida, Kentucky and California. Earlier this year, it earned Greenwich Excellence customer satisfaction awards for large corporate insurance brokerage in the United States, and middle-market insurance brokerage in the South. Visit http://insurance.bbt.com to learn more.
BB&T is one of the largest financial services holding companies in the U.S. with $168 billion in assets and market capitalization of $14.9 billion, as of Sept. 30, 2011. Based in Winston-Salem, N.C., the company operates approximately 1,800 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at http://www.BBT.com.
SOURCE BB&T Corporation