BB&T Insurance Services to acquire Orlando agency
Feb 28, 2008
Miami Herald--Feb. 28, 2008
BB&T Insurance Services, the nation’s seventh largest insurance broker, today said it plans to expand its Florida operation with the acquisition of Burkey Risk Services of metro Orlando.
Burkey Risk Services provides risk management and employee benefits services from its headquarters in Maitland and its south Florida office in Boynton Beach. Burkey subsidiary Hotel Insurance Programs of America Inc. specializes in risk management services for hotels.
"We’ve wanted to enter the greater Orlando market for some time now," said Wade Reece, chairman and chief executive officer of BB&T Insurance Services. "We can think of no better way to accomplish that goal than by teaming up with Burkey, an agency with an impeccable reputation for knowledgeable and highly personal service."
The transaction is expected to be completed in early March. Terms were not disclosed.
"The decision to join BB&T Insurance is a great one because we have the same culture and philosophy of respect for our clients, our employees and our family," said Burkey Chief Executive Officer Gary Burkey.
"Our partnership with BB&T Insurance provides the best of both worlds — the resources of the nation’s seventh largest insurance brokerage and the ability to provide our clients the same local support they’ve long enjoyed. We also believe our employees will become valued contributors as part of the BB&T team."
Burkey will continue to manage the company he founded in 1987. His wife, Julie Burkey, will serve as vice president, agency manager and manager of the company’s employee benefits division.
The Burkeys’ son, Stefan, serves as vice president of the company’s hospitality division, Hotel Insurance Programs of America, and will continue in that role. Dennis McNamara and his wife, Gail, will continue to manage the Burkey Risk Services south Florida office. The company has 28 employees, all of whom will remain with the company.
BB&T Insurance Services operates Florida agencies BB&T-Landrum Yaeger in Tallahassee, BB&T-Iler, Wall & Shonter in St. Petersburg and BB&T-Wyman, Green & Blalock in Bradenton.
BB&T Insurance Services is a wholly owned subsidiary of Branch Banking and Trust Company. Founded in 1922, it operates 85 insurance agencies in North Carolina, Virginia, Georgia, South Carolina, Maryland, West Virginia, Tennessee, Florida and Kentucky.
Branch Banking and Trust Company is the principal subsidiary of Winston- Salem N.C.-based BB&T Corporation (NYSE: BBT). With $132.6 billion in assets, BB&T Corp. is the nation’s 14th largest financial holding company. More information about the company is available at www.BBT.com.
SOURCE BB&T Corporation