Business
Truist Insurance Holdings enhances client offerings with acquisition of BenefitMall from Carlyle
CHARLOTTE, N.C., Aug. 8, 2022 /PRNewswire/ -- Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation (NYSE: TFC) and the sixth-largest
About this update from The Carlyle Group Inc.
[{"type":"text","content":"CHARLOTTE, N.C., Aug. 8, 2022 /PRNewswire/ -- Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation (NYSE: TFC) and the sixth-largest insurance brokerage in the U.S., announced today that it has signed a definitive agreement to acquire BenefitMall, the nation's largest benefits wholesale general agency, from funds managed by global investment firm Carlyle (NASDAQ: CG). 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.\n\"As Truist Insurance Holdings celebrates its centennial year, investing in our insurance capabilities and offerings continues to be a top priority,\" said Truist Chairman and CEO Bill Rogers. \"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.\"\nBenefitMall has been serving clients for over 40 years, providing medical, dental, life, vision and long-term care benefits solutions. Through its network of approximately 20,000 retail brokers, the company provides employee benefits to more than 140,000 small and medium-sized businesses across the country, leveraging a combination of innovative technology and human expertise to deliver a seamless benefits selling experience for its carriers, brokers and their clients.\nBenefitMall will be combined into CRC Group, a leading national wholesale distributor of specialty insurance products.\n\"We're excited to welcome BenefitMall clients to Truist and have their team join our CRC Group organization,\" said Truist Chief Insurance Officer John Howard. \"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.\"\n\"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 bro...