Willkie represented BB&T in the transaction.
BB&T Corporation (NYSE: BBT) announced it agreed to acquire Regions Insurance Group from Regions Financial Corporation (NYSE: RF). Regions Insurance is a leading insurance broker offering property and casualty and employee benefits products to businesses across the Southeast, Texas and Indiana. This acquisition will add incremental balance to BB&T's insurance business between its wholesale and retail insurance channels. Following this acquisition, BB&T Insurance's retail network will contribute almost half of its insurance brokerage revenue.
This transaction is expected to close in the third quarter of 2018. BB&T Insurance Holdings, the fifth largest insurance broker in the U.S. and internationally, operates more than 200 offices through subsidiaries BB&T Insurance Services, BB&T Insurance Services of California, McGriff, Seibels & Williams, CRC Insurance Services, Crump Life Insurance Services and AmRisc, LLC. BB&T is one of the largest financial services holding companies in the U.S. with $221.6 billion in assets and market capitalization of approximately $38.9 billion, as of Dec. 31, 2017. Willkie previously advised BB&T in its acquisition of insurance broker Swett & Crawford.
The Willkie deal team was led by partners Gregory Astrachan and Sean Ewen, and included associates Laura Acker and Annie Heiss.