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We prove that a class of solutions to Einstein's equations---originally discovered by McVittie in 1933---includes regular black holes embedded in Friedmann-Robertson-Walker cosmologies. If the cosmology is dominated at late times by a positive cosmological constant, the metric is regular everywhere on and outside the black hole horizon and away from the big-bang singularity, and the solutions asymptote in the future and near the horizon to the Schwarzschild-de Sitter geometry. For solutions without a positive cosmological constant the would-be horizon is a weak null singularity.
Kaloper et al. (Wed,) studied this question.