BB&T to buy U.S. insurance broker from PSP-backed Cooper Gay
BB&T Corp (NYSE: BBT) has agreed to acquire Swett & Crawford from Cooper Gay Swett & Crawford, a British wholesale and reinsurance broker. BB&T said it will pay US$500 million in cash for Swett & Crawford, a wholesale insurance broker headquartered in Atlanta, Georgia. The deal is expected to close in the first half of this year. Cooper Gay merged with Swett & Crawford in 2010. In early 2013, U.S. private equity firm Lightyear Capital and Canada's Public Sector Pension Investment Board (PSP Investments) jointly acquired the business. Last month, Lightyear and PSP again partnered in the proposed buy of broker-deal network AIG Advisor Group.
29 February 2016•4 mins read
