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BB&T To Acquire California Insurance Agency, Precept

Stocks in this article: BBT

RALEIGH, N.C., Nov. 3, 2011 /PRNewswire/ -- BB&T Insurance Services, the nation's sixth largest insurance broker, continues to expand its California operations with the acquisition of Precept Group, an industry- leading full-service employee benefits consulting and administrative solutions firm.

With Precept offices in Irvine and San Ramon, Calif., this acquisition adds 140 employees to BB&T Insurance Services. The new agency, which operates under the Precept Group name, will continue to manage Precept Consulting Services and ProView Benefits Administration Services. The transaction closed Nov. 1. Terms were not disclosed.

BB&T entered the California market in June 2008 with its acquisition of San Diego-based UnionBanc Insurance Services. BB&T Insurance Services operates agencies there in Folsom, Fullerton, Glendale, Irvine, Pleasanton, San Diego, San Francisco and San Jose.

"For 24 years, Precept has provided employee-benefit solutions to progressive employers that improve employee health, bring greater efficiency to human resource functions, and deliver short- and long-term savings," said Wade Reece, BB&T Insurance Services chairman and chief executive officer. "This acquisition positions us as a leader in this space at the most opportune time imaginable."

As employers face potentially higher costs and expanded requirements under the Patient Protection and Affordable Care Act, many are looking for highly consultative services, including the most cost-effective plan offerings to meet the needs of their employees while managing or mitigating catastrophic risk.

"Precept's industry innovations have resulted in unique program offerings that bring together employers, employees, health plans, and health systems to transform the delivery of health care," said Martin Loth, president and chief executive officer of BB&T Insurance Services of California. "This is a very meaningful and important acquisition for us—a game-changer in terms of providing truly elite employee benefits consulting and administration services."

"Precept's enterprise-wide solution improves organizational effectiveness and efficiency and aligns key stakeholders in achieving business priorities like cost leadership and high-performing cultures," said Wade Olson, chief executive officer of Precept. "We're driven by an intense desire to provide innovative benefit solutions that give our clients a competitive advantage.

"BB&T Insurance Services and Precept share the same client- and employee-centric philosophy as documented by the recognition and awards both companies have received. I have no doubt this common practice will bring even greater value to our employees and clients alike."

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