CGSC completes sale of Swett & Crawford to BB&T
Reinsurance broker Cooper Gay Swett & Crawford (CGSC) has completed the sale of CGSC North America Holdings (Swett & Crawford) to insurance broker BB&T.
All necessary regulatory approvals have now been obtained.
The deal was first announced back in February of this year. BB&T expects to record approximately $500 million of goodwill and intangibles as a result of the acquisition.
Swett & Crawford consists of leading US wholesale insurance brokerage operations, specialty managing general agencies including JH Blades & Co and US reinsurance brokerage. The specialty managing general agent Creechurch International Underwriters, which operates in Canada, is not included in the sale.
Steve Hearn, group chief executive officer, CGSC, said: “The completion of the sale of Swett & Crawford means that we are now in a position to take our business forward and to begin implementing our strategy in earnest. It affords us the ability to evolve and to build a business which will be set apart from our peers, through a focus on innovation and an appetite to drive change in our market.
“We have the foundation on which to build a truly exceptional business and we now have the resources to realise this potential.
“Since we reached an agreement on the sale, the management team and I have worked extensively with BB&T. They have been clear about their ambitions for Swett & Crawford and I am certain that this deal provides a home which will allow this excellent team and business to continue to go from strength to strength.”
Perella Weinberg Partners served as financial advisor to CGSC. Davis Polk & Wardwell served as legal advisor to CGSC on the transaction.
