As of April 1, Woodbury & Co., a Wilmington-based insurance company, will become part of BB&T Insurance Services, according to a news release Thursday.
The release, from Raleigh-based BB&T Insurance Services, stated that it will expand its presence on the Carolina coasts with the acquisition of Woodbury, which has offices in Myrtle Beach as well as in Wilmington. BB&T Insurance will combine its existing agencies in Wilmington and Myrtle Beach with those of Woodbury & Co.
Woodbury & Co. currently employs more than 50 people and provides commercial property and casualty; employee benefits; individual life and health; personal lines; and professional liability protection to businesses and individuals throughout the Carolinas, according to the release.
The transaction is scheduled to be completed April 1. Terms were not disclosed, the release stated.
"We could not be more pleased to welcome one of the oldest and most highly regarded agencies in the Southeast to our team," BB&T Insurance Holdings chairman and CEO Wade Reece said in the release. "This will be a great combination and great addition to our Carolinas franchise, given Woodbury's well-known reputation for insurance and risk management expertise, and superior client service."
Woodbury & Co. was founded in 1932 by Louie E. Woodbury Jr. The agency is led by president Eugene Woodbury and Commercial Lines manager Carolyn Finley.
"BB&T Insurance is known to treat its clients, employees and communities very well, which matches up perfectly with our culture," Eugene Woodbury said in the release. "By becoming part of BB&T Insurance, not only will our clients enjoy the benefit of market clout, added services and a relationship with the sixth-largest insurance broker in the United States and the world; they will continue to be taken care of by the same people they've trusted for years."
Woodbury's commercial lines staff has expertise in multiple industries, including construction, habitational, trucking, manufacturing, medical, financial institutions, hospitality, and inland and ocean marine.
BB&T Insurance Holdings is a wholly owned subsidiary of BB&T Corporation. It operates more than 100 insurance agencies through its subsidiaries BB&T Insurance Services, BB&T Insurance Services of California, and McGriff, Seibels & Williams.
