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Truist Financial Corporation today said it completed the previously announced sale of its remaining stake in Truist Insurance Holdings, the fifth largest insurance brokerage in the United States, to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice.

The all-cash transaction values Charlotte, North Carolina-based Truist Insurance Holdings (TIH) at $15.5 billion. Additionally, the company’s leaders and producers were given the opportunity to co-invest in TIH resulting in over 1,500 employee equity participants in the new stand-alone TIH鈥攚hich will be the broker’s new branding.

The deal was announced in February.

With the closing, TIH announced the formation of a board of directors that includes Dan Glaser, former CEO of Marsh McLennan and operating partner at CD&R, as chairman. Richard R. Whitt, former co-CEO of Markel Group, Julio Portalatin, former CEO of Mercer, and Ross Buchmueller, former CEO of PURE Insurance, will serve as independent directors.

“Today’s announcement is a testament to our strategy, the value of our insurance business, and the strength and dedication of our teammates,” said TIH Chief Executive Officer John Howard. “Our investors provide us with a significant opportunity to expand our operations in an industry where scale is critical to remain competitive. With their backing, we will explore new avenues of growth and strengthen our overall operating strategy built around our diversified portfolio of top-performing businesses, each of which will continue to operate in the marketplace under its current brand name.”

Mubadala Investment Company and other co-investors also participated in the investment.

“TIH has a proud history and an even brighter future,” said Glaser. “As one of the leading risk and insurance organizations in the world, we will focus on developing our colleagues, attracting additional industry talent, and enhancing our leading-edge capabilities to serve clients.”

Topics Agencies