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. Financial terms were not disclosed.
The transaction is expected to close in the third quarter of 2022, subject to satisfaction of customary closing conditions.
Bill Rogers, Truist Chairman and CEO, commented: “As Truist Insurance Holdings celebrates its centennial year, investing in our insurance capabilities and offerings continues to be a top priority.
“This acquisition of BenefitMall enables us to further diversify the solutions we offer to our clients and create an enhanced client experience, which is at the core of our purpose to inspire and build better lives and communities.”
Described as the nation’s largest benefits wholesale general agency, BenefitMall will be combined into CRC Group, a national wholesale distributor of specialty insurance products.
Truist Chief Insurance Officer John Howard said: “”We’re excited to welcome BenefitMall clients to Truist and have their team join our CRC Group organisation.
“With this acquisition, CRC Group will provide the broadest selection of products and services available from a wholesale broker today. Whether it is property and casualty; life, annuity and long-term care; or now employee benefits, CRC Group’s nationwide network of specialists are all focused on one goal – delivering success for our retail agency partners.”
For over 40 years, BenefitMall has been providing its clients – 140,000 small and medium-sized businesses across the country – with medical, dental, life, vision and long-term care benefits solutions, through its network of approximately 20,000 retail brokers
Scott Kirksey, BenefitMall CEO, said: “As the largest health benefits general agent in the U.S., we are deeply committed to the role we play as a mission-critical partner to our broker and carrier partners.
“We are proud of the growth we have achieved through our partnership with Carlyle and look forward to the exciting opportunity ahead to continue to deliver the fastest, easiest and most trusted benefits selling experience as part of the Truist team.”
James Burr, managing director on the financial services team at Carlyle, said: “Since we began investing in the business in 2017, BenefitMall has accomplished significant growth through a focus on broker technology enablement and investment in human capital in addition to successfully completing more than eight strategic acquisitions to transform into the market-leading wholesale benefits business.
“We are proud of our partnership with Scott and the entire BenefitMall team and are thankful to have played a part in their success over the past several years.”
