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Fri Feb 3, 2012 1:59pm GMT

(Reuters) - BB&T Corp (BBT.N) agreed to buy the life and property and casualty insurance division of Crump Group Inc for $570 million in cash, a deal that will double its wholesale insurance business.

BB&T, formerly known as Branch Banking & Trust, said the buy will add $300 million to the annual revenue of its insurance segment.

The acquisition will position BB&T as the leading independent wholesale distributor of life insurance in the United States, BB&T said in a statement.

"The deal is a great strategic fit for BB&T, immediately increasing and diversifying our fee income while driving stronger revenues," Chief Executive Kelly King said.

Crump, based in Roseland, New Jersey, has 23 offices around the country.

Shares of BB&T closed at $28.02 on Thursday on the New York Stock Exchange.

(Reporting by Tanya Agrawal in Bangalore; Editing by Unnikrishnan Nair)
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