14 Apr, 2024
1 min read

Giant US insurance broker in advanced sale talks



Giant US insurance broker in advanced sale talks | Insurance Business America














Deal valuing broker at $15bn could be announced this week

Giant US insurance broker in advanced sale talks

Mergers & Acquisitions

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Photo credit: Citydweller2, used under the Creative Commons license v4.0

With over US$48 billion in premiums, Truist Insurance is the fifth largest broker in the US, seventh largest globally – and this week it looks like it may finalize a majority stake sale to Stone Point Capital and Clayton Dubilier & Rice.

The sale of the stake in Truist could be announced later this week, according to confidential Bloomberg sources. Last April, the company sold a 20% stake to a Stone Point-headed group.

Private equity group Stone Point paid $1.95 billion for the 20% stake, and it is believed that the current valuation is on the same terms as the initial investment, valuing the insurance giant at close to $15 billion – 33% of the total value of the PE firm’s assets under management.

It is still uncertain whether the company’s premium finance business will be included – the original deal excluded that part of the business.

Truist Insurance Holdings employs approximately 9,000 employees, close to 17% of parent company Truist Financial Corp’s 53,000 workforce. The news of a potential sale follows last September’s announcement by the parent company’s CEO Bill Rogers that there would be “sizeable reductions in force” over the coming year.

Truist Insurance companies include a number of important industry brands including:

  • Insurance broker McGriff
  • MGA with wholesale and retail divisions AmRisc
  • Title insurance specialists Kensington Vanguard
  • Wholesale and specialty insurance distributor CRC Group
  • Employee benefits general agency Benefit Mall
  • Life insurance third-party distributor Crump
  • Specialty program manager Starwind

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