Savannah Re provides property facultative reinsurance underwriting and related risk transfer services, including catastrophe modeling and claims management.
The acquisition is expected to close in early February. Terms were not disclosed. AmRisc is a subsidiary of Branch Banking and Trust Company, the principal subsidiary of Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT).
"This acquisition allows us to expand our underwriting capabilities to include facultative reinsurance risk in addition to our commercial property underwriting in the excess and surplus lines segment of the wholesale insurance market," said AmRisc Chief Executive Officer Dan Peed.
Houston-based AmRisc was created in 2002 as part of BB&T's wholesale insurance business. It underwrites middle-market commercial policies for insurers such as Lloyd's of London, Berkshire Hathaway Inc. and Renaissance Re, which pay the unit a fee and assume the risk. AmRisc also operates offices in Birmingham, Ala., and Morehead City, N.C.
"Savannah Re will be joining an established group with a distinguished record of success, giving the Connecticut team opportunities to flourish and to maximize services to clients," said Bill Ashley, chief executive officer of Glencoe U.S. Holdings Inc. "We congratulate the Savannah Re team on what promises to be a bright and exciting future, and we look forward to continuing to grow our relationship with AmRisc."
Savannah Re covers a broad range of property risks, including earthquake, flood, windstorm and surplus lines.
Insurance companies buy reinsurance for their own protection to share the risk of unexpectedly high claims. Reinsurance enables an insurance company to expand capacity; stabilize underwriting results; finance its expanding volume; secure catastrophe protection against losses; or withdraw from a line of business or geographical area within a specified period of time.
With $130.8 billion in assets, BB&T Corporation is the nation's 14th largest financial holding company. It operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.
