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Winston-Salem based BB&T makes largest


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BB&T to make largest acquisition ever

11-11-03

From staff reports

Posted 11:30 a.m.

WINSTON-SALEM - BB&T Insurance Services, in its largest acquisition ever, said today it plans to buy Alabama-based McGriff, Seibels & Williams Inc.

The merger will create the nation's sixth-largest insurance broker.

The directors of BB&T Corporation and the Birmingham company approved the sale. It includes $304 million in stock based on BB&T's closing price of $38.84 on Nov. 10 and $50 million.

McGriff, Seibels & Williams, which had a projected $1.8 billion in premiums in 2003, is the country's 13th-largest insurance broker.

The merger is expected to be completed in the first quarter of 2004. McGriff, Seibels & Williams has more than 775 employees. It will operate as a wholly-owned subsidiary of BB&T.

"When you've had the kind of growth and success that BB&T Insurance Services has had over the years, it's the perfect time to step back and look for new ways to build on that momentum and continue to strengthen our fee-based businesses," said BB&T Corporation Chief Operating Officer Henry Williamson.

McGriff, Seibels & Williams, with roots dating back to 1886, is the largest privately held commercial insurance broker in the southeast and the second largest in the United States.

The company has offices in Atlanta, Birmingham, Dallas and Houston.

BB&T is the principal subsidiary of Winston-Salem-based BB&T Corporation, the nation's 12th-largest financial holding company.

BB&T operates more than 1,400 banking offices in the Carolinas, Virginia, Maryland, West Virginia, Tennessee, Kentucky, Georgia, Florida, Alabama, Indiana and Washington, D.C.

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