Willkie client BB&T Insurance Holdings Inc., a subsidiary of BB&T Corporation, agrees to significantly increase its partnership interest in AmRisc, LP, a leading insurance underwriter.
On April 1, Willkie client BB&T Insurance Holdings Inc., a subsidiary of BB&T Corporation, announced it has reached an agreement to significantly increase its partnership interest in AmRisc, LP, a leading insurance underwriter. In a related agreement, BB&T Corporation agreed to sell American Coastal Insurance Company to certain members of the AmRisc management team. Management of AmRisc will retain a minority interest in the company and continue to strategically grow and manage the business.
AmRisc has grown into a leading managing general underwriter (MGU) with gross written premiums approaching $1 billion in 2014. The sale of American Coastal Insurance Company eliminates BB&T's exposure to potential underwriting losses in the future.
Based in Raleigh, N.C., BB&T Insurance Holdings is the fifth largest insurance broker in the U.S. and the sixth largest internationally. It operates more than 100 insurance agencies through various subsidiaries. Based in Winston-Salem, N.C., BB&T is one of the largest financial services holding companies in the U.S. with $186.8 billion in assets and market capitalization of $28 billion (as of December 31, 2014).
The deal was handled by a multidisciplinary Willkie team comprising: Corporate – partners Gregory Astrachan and Sean Ewen and associate Iris Lichtman; Insurance Regulatory – partner Leah Campbell and associates Kristen DiCarmine and Marisa Matays; Bank Regulatory – partner David Katz; Benefits – partner Jordan Messinger and associates Isabel Araujo and Helen Skinner and Tax – partner Christopher Peters and associate Robert Larimore.