BB&T Insurance Services, the nation's sixth largest insurance broker, announced its entrance into the metro Baltimore area with the acquisition of Atlantic Risk Management Corporation of Columbia, Md.
Founded in 1981, Atlantic Risk Management is a commercial property and casualty and employee benefits broker with 45 employees.
The transaction is expected to be completed in October. Terms were not disclosed.
"This acquisition provides an attractive foothold for us in metro Baltimore and a broader representation in the Washington, D.C., area. It will extend our deep relationships with BB&T banking clients and open doors to new clients," said Wade Reece, BB&T Insurance Services chairman and chief executive officer. "We couldn't have asked for a better partner to get us here today. Atlantic Risk Management has been one of the most successful commercial insurance agencies in the mid-Atlantic for the past 30 years."
Atlantic Risk provides risk management consulting and a full array of business insurance products and services operating both on a local and national level. Two of its niche offerings include surety bonds for the construction industry and telecommunications insurance for independent cellular tower owners, paging companies, and related companies.
"By becoming part of BB&T Insurance, not only will our clients enjoy the benefit of market clout, added services and a relationship with the sixth largest insurance agency in the United States, they will still be taken care of by the same people that they have trusted for years," said Pete Marcelli, Atlantic Risk Management chairman and co-founder. "This is a winning combination and a great move for our employees and clients."
Atlantic Risk will operate as BB&T-Atlantic Risk Management. Mary Ann Marbury, Atlantic Risk president, will continue to oversee the operation. BB&T Insurance Services operates an existing Maryland agency in Frederick, BB&T-Frederick Underwriters.