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Rank 8
H. Wade Reece, chairman and CEO
BB&T INSURANCE SERVICES INC.
2011 GROSS REVENUES
$1.17 billion 0.4%
2011 BROKERAGE REVENUES
$1.10 billion
Despite positive premium growth and a handful of acquisitions, BB&T Insurance Services Inc. lost some ground in 2011, slipping to No. 8 in Business Insurance's annual rankings of the nation's largest insurance brokers from the No. 7 spot it held last year.
Gross revenues increased by 0.4% for the Raleigh, N.C.-based bank-owned insurance broker to $1.17 billion in 2011.
Still, Daytona Beach, Fla.-based Brown & Brown Inc.'s 2011 brokerage buying spree, along with increases in coastal property insurance rates, pushed it ahead of BB&T in the BI rankings for the first time.
Brown & Brown made 17 acquisitions during 2011 vs. BB&T's three: Atlantic Risk Management Corp., a commercial property/casualty and employee benefits broker with expertise in construction surety and telecommunications based in Columbia, Md.; The Precept Group Inc., an employee benefits consultant and actuarial firm based in San Ramon, Calif.; and Liberty Benefits Inc., a San Jose, Calif.-based employee benefits broker.
But BB&T's $570 million acquisition of The Crump Group, which closed in April, could turn things around for next year, especially if predictions of market firming come to...