BB&T Acquires Stake In Leading Lloyd's Broker

(RTTNews) - BB&T IHC International Ltd, a subsidiary of BB&T Corp (BBT), announced it has reached an agreement to enter into a partnership with Willis Group Holdings (WSH), the risk advisor, re/insurance broking and human capital and benefits firm, and Miller Insurance Services LLP, a specialist wholesale insurance broker operating internationally and a top five Lloyd's broker.

On June 1, Willis announced that it had acquired an 85 percent interest in the Miller partnership. Partners of Miller retain the remaining 15 percent interest which will be transferred to new generations of Miller partners in perpetuity. Willis' acquisition of an 85 percent stake in Miller Insurance Services LLP was completed through Miller 2015 Limited, a subsidiary of Willis established exclusively to house this partnership.

BB&T has agreed to acquire 19.9 percent of Miller 2015 Limited from Willis, resulting in a 16.9 percent interest in Miller Insurance Services LLP.

The transaction is subject to customary closing conditions including regulatory approval and is expected to close in the fourth quarter of 2015. Terms of the transaction were not disclosed.

This transaction was contemplated in BB&T's capital plan that has been approved by the Federal Reserve as part of the 2015 Comprehensive Capital Analysis and Review (CCAR) and does not change BB&T's previously announced capital actions.