BB&T invests in biggest cat-focused MGA in US
BB&T Insurance Holdings has agreed to increase its partnership in AmRisc, the largest catastrophe-focused Managing General Agent (MGA) in the US. In a related agreement, BB&T Corporation has agreed to sell American Coastal Insurance Company (ACIC) to certain members of the AmRisc management team.
Upon acquisition, AmRisc will remain ACIC's exclusive MGA serving the Florida condominium property insurance market. ACIC expects to maintain the same strength in its reinsurance programme. It now has a Financial Stability Rating of A from Demotech.
The current management team will continue to manage the operations of ACIC. AmRisc will continue to underwrite on behalf of Lloyd's and its domestic Excess & Surplus carriers delivering over $250 million per risk catastrophe capacity for their coastal property producers and customers. All of AmRisc's senior management will be staying. Specifically, Dan Peed will remain CEO and President.
Peed said: "This new chapter in the AmRisc story will bring new opportunities for our producers and their customers, employees and our leadership team. American Coastal has been a very important part of the AmRisc story beginning with its founding in 2007, and I see a very bright future for AmRisc and American Coastal as we continue to deliver market - leading insurance products."
