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Published on 7 May 2024 on Life Insurance International via Yahoo Finance

Truist concludes sale of US insurance unit to Stone Point and CD&R

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Truist Financial Corporation (Truist) has completed the sale of its US insurance brokerage arm, Truist Insurance Holdings (TIH), to a consortium led by Stone Point Capital and Clayton, Dubilier & Rice (CD&R).

The all-cash deal, which was first announced in February, places the enterprise value of TIH at $15.5bn.

Upon closing, Truist received after-tax cash proceeds of approximately $10.1bn.

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