Reinsurance News
Truist
AmRisc forms insurance sidecar with $325m of capital raised
2nd April 2024
AmRisc, a coastal commercial property insurance subsidiary of Truist Insurance Holdings, has raised $325 million of capacity for an insurance sidecar Trouvaille Re Ltd., supported by Stone Point Capital. The sidecar will reportedly provide collateralized reinsurance capacity for AmRisc's coastal commercial E&S property insurance portfolio beginning on April 1, 2024. According to ... Read the full article
Moody’s assigns stable rating outlook to Truist Insurance
21st March 2024
Moody’s Ratings has assigned a B3 corporate family rating and a B3-PD probability of default rating to the Charlotte domiciled, Truist Insurance Holdings, LLC (TIH), with a stable rating outlook. The rating company has also assigned a B2 rating to a $4 billion seven-year senior secured first-lien term loan and a ... Read the full article
Truist to strengthen balance sheet with Truist Insurance Holdings sale
20th February 2024
Truist Financial Corporation has announced it has agreed to sell its remaining stake in Truist Insurance Holdings (TIH), to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice (CD&R). This transaction is expected to strengthen Truist's balance sheet and enhance the company’s strategic flexibility ... Read the full article
Truist posts higher insurance income in Q4’23
18th January 2024
Financial services firm Truist Financial Corporation has reported insurance income of $813 million in the fourth quarter of 2023, compared with $766 million in Q4'22. The company attributed its improved insurance income to organic growth. Organic revenue growth was 7.3% in Q4'23. Revenue increased 7.4% to $851 million in Q4'23, compared with ... Read the full article
Truist Insurance to restructure wholesale operation into two divisions, appoints new CEOs
5th December 2023
Truist Insurance Holdings LLC (TIH), the US broker and Truist Financial Corporation subsidiary, has announced its plans to restructure its wholesale operation into two significant and industry-leading divisions: Wholesale and Underwriting. Neil Kessler has been appointed to Chief Executive Officer of the Wholesale Division, which will include the company’s CRC Commercial ... Read the full article
Truist completes sale of 20% stake in insurance unit to Stone Point Capital
4th April 2023
Truist has announced that it has completed its previously announced sale of a 20% stake in Truist Insurance Holdings, Inc., a subsidiary of Truist and the sixth-largest insurance brokerage in the US, to funds managed by Stone Point Capital, a private equity firm focused on the global financial services industry, ... Read the full article
Truist to sell 20% stake in insurance unit to Stone Point Capital
16th February 2023
Truist has announced that it has agreed to sell a 20% stake in Truist Insurance Holdings, Inc., a subsidiary of Truist and the sixth-largest insurance brokerage in the US, to funds managed by Stone Point Capital, a private equity firm focused on the global financial services industry, for $1.95 billion. Mubadala ... Read the full article
Truist Insurance Holdings to acquire BenefitMall
9th August 2022
US based Truist Insurance Holdings, a Truist Financial Corporation subsidiary, has signed a definitive agreement to acquire BenefitMall, a general agency broker services, from funds managed by global investment firm Carlyle. According to the announcement, the transaction will add approximately $150 million of annual revenue to Truist Insurance Holdings' wholesale division. ... Read the full article
Truist posts record insurance income for Q2
20th July 2022
Financial services firm Truist Financial Corporation has reported net income of $178 million for its Insurance Holdings segment in the second quarter of 2022. The company attributed its improved insurance result to continued organic growth, acquisitions and seasonality. The segment contributed to Truist’s overall net income of $1.45 billion, which was slightly ... Read the full article
Marsh McLennan extends lead as top global broker based on 2021 revenues
6th July 2022
Marsh McLennan remains the world's largest re/insurance broker, in terms of total revenues, which reached a huge $19.8 billion for the firm in 2021, according to our directory of the Top 20 Global Insurance & Reinsurance Brokers, based on research data from A.M. Best. Year-on-year, Marsh McLennan's ... Read the full article
Truist CFO Daryl Bible to retire
23rd May 2022
Truist CFO Daryl Bible has announced his retirement after fourteen years with the company. Following the announcement, Truist says that Bible will continue in his role until his replacement named. He will also continue to serve in order to ensure what the firm says is a successful transition. Bill Rogers, chairman and ... Read the full article
Truist Insurance Holdings acquires Kensington Vanguard
7th March 2022
Truist Insurance Holdings has acquired Kensington Vanguard, in the process launching its new insurance services division. The deal will see BridgeTrust Title Group, Truist Insurance’s current title and settlement services business, be integrated into and operate under the Kensington Vanguard brand. Concurrent with the close of this transaction, Truist Insurance Holdings announced ... Read the full article
Truist reports income growth for insurance segment
15th October 2021
Purpose-driven financial services firm Truist Financial Corporation has reported net income of $105 million for its Insurance Holdings segment in the third quarter of 2021. Although this is lower than the segment's Q2 income of $156 million, it represents an increase of $28 million on the $77 million that it reported ... Read the full article
Truist Financial’s Q2 net income rises to $1.6bn
16th July 2021
Purpose-driven financial services firm Truist Financial Corporation has announced a second quarter net income of $1.6 billion, up 73% compared to last year’s quarter. Results for the quarter also produced an annualised return on average assets (ROA) of 1.28%, an annualised return on average common shareholders' equity of 10.1% and an ... Read the full article
Truist sees rise in net income as insurance segment delivers record performance
15th April 2021
Truist Financial Corporation, a purpose-driven financial services company, has reported net income of $1.3 billion and adjusted net income of $1.6 billion for the first-quarter of 2021, driven in part by the record performance of its insurance operation in the period. Year-on-year, net income and adjusted net income increased by 35.3% ... Read the full article