Loading
BB&T, the Winston Salem, N.C.-based regional bank, has a big stake in Florida and it's not just in banking.
The company, better known for its bank branches, has become a large player in Florida's insurance brokerage market. It's already the seventh-largest insurance broker in the country, operating more than 100 agencies in nine southern states and California.
BB&T made headlines this year when it acquired Fort Myers-based Oswald Trippe, which at its height in 2007 reached $28 million in commission revenues from 12 offices stretching from Sarasota to Fort Myers, Naples and Miami and another four offices in North Carolina.
But BB&T acquired much more than the bricks and mortar offices of Oswald Trippe. More important, it got the talents of John Pollock, Oswald Trippe's president, and a staff of loyal employee-owners.
Starting at the beginning of the year, Pollock will become the regional agency manager for BB&T's insurance operations in Florida, overseeing 350 people in six agencies statewide. In that capacity, Pollock will run the Florida insurance operations for BB&T and be one of eight regional managers nationwide.
Although BB&T is a large corporation with $157 billion in assets, the company is entrepreneurial in its approach because it gives great latitude for decision-making by the insurance agencies it acquires. “It is very unusual and very refreshing,” Pollock says.
Besides being in charge of Florida operations, Pollock will continue his role as agency manager for the Oswald Trippe offices. Despite his vastly increased responsibilities, the key to making statewide operations run smoothly is to have the right people, Pollock says. “If you have good people and communicate well, you don't have to micromanage it,” he says.
When BB&T acquires insurance agencies, it keeps the founders and managers in place. “These agency managers were CEOs and know what they're doing,” Pollock says. “I'm just here to help tweak it,” he adds modestly.
Pollock says he expects more consolidation in the industry as commercial customers continue to suffer from the downturn. “There are a lot of agencies that are challenged,” Pollock says. “If you survived in '08 and '09, there's a pretty good chance you'll make it through 2011. But there are lots looking to sell or combine with others to weather the storm.”
On the positive side, personal lines and benefit services are growing. “We've had fairly good activity,” Pollock says. “There are a lot of people buying homes, although values are lower.”
And Gov. Rick Scott has indicated he'll reverse the anti-business stance of his predecessor, Charlie Crist. Pollock says he's heard that many insurance companies are discussing moving back into Florida after Crist chased many of them out. “There's a new sheriff in town,” Pollock says. “That's all positive.”
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
