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BB&T Subsidiary Acquires Southern Risk

September 8, 2008

Birmingham, Ala. — CRC Insurance Services Inc., the wholesale insurance subsidiary of BB&T Corp. principal subsidiary Branch Banking and Trust Co., completed the purchase of Southern Risk Operations LLC.

Sumter, S.C.-based Southern Risk is an excess and surplus (E&S) insurance broker that specializes in finding coverage for a range of risks, including high-risk personal and commercial properties along the East Coast.

The 18-year-old company also operates branch offices in Miami, Marlton, N.J., Concord, N.H., and Timonium, Md., through its Horan Goldman subsidiary. Horan Goldman was founded in 1963.

Birmingham-based CRC had approximately $3 billion in premiums in 2007. Southern Risk will operate as a division of CRC managing general agency Southern Cross Underwriters. Terms were not disclosed.

"In our continuing quest to become a complete excess and surplus lines broker, the addition of Southern Risk to the CRC team is an important move that will certainly boost our presence in the managing general agent segment of the industry," says Tom Curtin, CEO of CRC.

Southern Risk's specialty lines include commercial transportation, property and liability, marine and professional coverage for directors and officers.

CRC acquired Jackson, Miss.-based Southern Cross Underwriters in 2003. Founded in 1976, the CRC division specializes in small- and middle-market accounts, including property/casualty coverage for coastal homeowners and marine exposures.

Source: BB&T Corp.

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