BB&T deals keep Troutman Sanders attorneys busy
The Daily Report recently highlighted the work of a team of Troutman Sanders attorneys on two acquisitions by units of North Carolina-based BB&T Corp.
In its Deal Watch online blog and later in the February 5 print edition, the newspaper reported that BB&T retained Troutman Sanders to assist with its acquisition of TAPCO Underwriters Inc. and Cananwill Premium Funding Inc.
The newspaper wrote: “In a deal that closed in December, BB&T acquired Burlington, N.C. agency TAPCO Underwriters Inc. The acquisition was made by BB&T’s wholesale insurance subsidiary, CRC Insurance Services
Inc. BB&T described CRC Insurance as the largest wholesale property and casualty insurance broker in the nation.
“Troutman partner Andrea Farley handled mergers and acquisitions issues for BB&T on the TAPCO acquisition. Partner Marty Wilson and associate William Still advised on insurance regulatory matters. Partner Mitch Portnoy
and associate Lori Jones reviewed antitrust law. They worked with BB&T Insurance Services general counsel Tammy Stringer in Charlotte, N.C. All Troutman attorneys are in Atlanta except Portnoy, who is based in New York.
“The second deal . . . concerned BB&T subsidiary AFCO Credit Corp. AFCO Credit acquired Cananwill Premium Funding Inc. of Glenview, Ill., from insurance brokerage Aon Corp. Both AFCO Credit and Cananwill provide insurance
premium financing for the commercial property and casualty insurance industry. Joining Farley on M&A issues for the Cananwill deal were associates Nick Farrell and Juliet Sy. Portnoy and Jones again advised on antitrust matters.”