Page 10 - Stone Point News Today

Truist Financial Corp. is nearing a deal to sell a majority stake in its insurance brokerage business to Stone Point Capital and Clayton Dubilier &

Sale will strengthen Truists balance sheet and enhances strategic flexibility to invest in core banking franchise Positions Truist Insurance Holdings for continued growth in rapidly evolving...

Truist Financial Corp said on Tuesday it has reached an agreement to sell its insurance brokerage business to an investor group led by private equity firms Stone Point and CD&R in a deal valued at...

Truist Financial Corp said on Tuesday it has reached an agreement to sell its insurance brokerage business to an investor group led by private equity firms Stone Point and CD&R in a deal valued at...

The sale is expected to bolster the Charlotte bank’s balance sheet and comes months after Truist announced “sizable” layoffs were coming.

The all-cash sale is expected to close in the second quarter, the groups said. Truists board voted unanimously to approve the deal.

The enterprise value is around 18x Truist Insurance’s 2023 core Ebitda.

Truist Financial said on Tuesday it has agreed to sell its insurance brokerage business to an investor group led by private equity firms Stone Point and CD&R, in a deal valued at $15.5 billion.

The firm will have more flexibility around talent compensation and M&A activity.

The all-cash sale is expected to close in the second quarter, the groups said. Truists board voted unanimously to approve the deal.