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BIRMINGHAM, Ala., Dec. 19 /PRNewswire-FirstCall/ -- CRC Insurance Services Inc., the wholesale insurance subsidiary of BB&T Corporation principal subsidiary Branch Banking and Trust Company, today said it plans to acquire TAPCO Underwriters Inc.

Burlington, N.C.-based TAPCO Underwriters is a managing general agency specializing in high-volume, middle-market excess and surplus insurance lines. The 25-year-old company also operates regional offices in Clearwater, Fla., and Manassas, Va.

Birmingham-based CRC, with approximately $3 billion in premiums in 2007, is the largest wholesale property and casualty insurance broker in the nation. TAPCO will operate as a division of CRC managing general agency Southern Cross Underwriters. The transaction is expected to be completed Dec. 31. Terms were not disclosed.

TAPCO uses a proprietary underwriting technology model and call center to quote and bind a high volume of business on the phone in five minutes or less. Competitors often take three to five days or more to quote and bind similar policies.

TAPCO last year provided more than 500,000 telephone quotes to 20,000 agents and producers, placing more than $200 million in premiums.

"We are thrilled," said Tom Curtin, chief executive officer of CRC. "TAPCO is the industry leader among managing general agents in efficiency, profitability and ease of doing business. We look forward to not only continuing TAPCO's significant growth, but to bring their highly efficient technology model to Southern Cross Underwriters."

TAPCO has binding authority for more than 1,000 classes of business, including all types of general liability; general, specialty and artisan contractor; property; vacant property and builder's risk; and dwelling/homeowners, among other lines.

The company was founded in 1983 by Tapley O. Johnson Jr. with just three employees. It has grown to five offices employing 175 people, servicing 8,000 agencies and writing in 16 states and Washington, D.C.

"I have known CRC and Southern Cross Underwriters for many years and have carefully selected them as a strategic growth partner to help us expand our unique operating model nationwide," said Tap Johnson III, president of TAPCO Underwriters. "This is fantastic opportunity for our employees, our agents and their valued clients."

CRC acquired Jackson, Miss.-based Southern Cross Underwriters in 2003. Founded in 1976, the CRC division specializes in small- and middle-market accounts, including property and casualty coverage for coastal homeowners and marine exposures.

Founded in 1982, CRC has 26 offices and 865 employees across the country. It was acquired by BB&T in 2002.

With $137 billion in assets, BB&T Corporation (NYSE: BBT) is the nation's 14th largest financial holding company. Founded in 1872, it operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at http://www.BBT.com.