Willkie represented BB&T in the transaction
BB&T Insurance Holdings, Inc. (has reached an agreement to acquire Regions Insurance Group from Regions Financial Corporation (NYSE: RF).
Regions Insurance is a leading insurance broker serving more than 60,000 clients across the Southeast, Texas and Indiana. It offers property and casualty and employee benefits products to businesses through a retail network of insurance professionals. This acquisition adds 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, subject to satisfaction of customary closing conditions. Terms were not disclosed. The capital used in this transaction will impact BB&T’s 2018 Comprehensive Capital Analysis and Review. The use of capital in this acquisition exceeds BB&T’s internal rate of return hurdles.
RBC Capital Markets served as financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to BB&T with a team including Gregory Astrachan (Picture) and Sean Ewen, and included associates Laura Acker and Annie Heiss.
Law Firms: Willkie Farr & Gallagher;
Clients: BB&T Corporation;