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.
"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."
BenefitMall 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.
BenefitMall will be combined into CRC Group, a leading national
wholesale distributor of specialty insurance products.
"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."
"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," said BenefitMall CEO
Scott Kirksey. "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."
"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,"
said James Burr, managing director
on the financial services team at Carlyle. "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."
RBC Capital Markets and Truist Securities served as financial
advisors, and Willkie Farr &
Gallagher LLP served as legal counsel to Truist Insurance Holdings
in this transaction. Waller Helms Advisors and Barclays served as
financial advisors, and Wachtell, Lipton, Rosen & Katz served
as legal counsel to Carlyle in this transaction. Jones Day served as legal advisors to
BenefitMall in this transaction.
About Truist Insurance Holdings
Truist Insurance
Holdings, Inc., the sixth-largest insurance broker in the U.S. and
seventh-largest in the world, is a subsidiary of Truist Financial
Corporation (NYSE: TFC). Headquartered in Charlotte, NC,
Truist Insurance Holdings operates more than 240 offices through
its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance
Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC;
and its Insurance Services companies (AFCO Credit Corporation, CAFO
Inc., and Kensington Vanguard Land Services, LLC). To learn more,
visit www.truistinsurance.com.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry
expertise that deploys private capital across three business
segments: Global Private Equity, Global Credit and Global
Investment Solutions. With $376
billion of assets under management as of June 30, 2022, Carlyle's purpose is to invest
wisely and create value on behalf of its investors, portfolio
companies and the communities in which they live and invest.
Carlyle employs more than 1,900 people in 26 offices across five
continents. Further information is available at www.carlyle.com.
Follow Carlyle on
Twitter @OneCarlyle.
Forward-Looking Statements
This communication
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 regarding the
financial condition, results of operations, business plans and
future performance of Truist Financial Corporation or its
subsidiaries (collectively, "Truist"). Words such as "anticipates,"
"believes," "estimates," "expects," "forecasts," "intends,"
"opportunity," "plans," "projects," "could," "may," "should,"
"will" or other similar words or expressions are intended to
identify these forward-looking statements. These forward-looking
statements are based on Truist's current expectations and
assumptions regarding Truist's businesses, the economy, and other
future conditions. Because forward-looking statements relate to
future results and occurrences, they are subject to inherent
uncertainties, risks, and changes in circumstances that are
difficult to predict. Many possible events or factors could affect
Truist's future financial results and performance and could cause
actual results or performance to differ materially from anticipated
results or performance. Except to the extent required by applicable
law or regulation, Truist disclaims any obligation to update such
factors or to publicly announce the results of any revisions to any
of the forward-looking statements included herein to reflect future
events or developments. Further information regarding Truist and
factors which could affect the forward-looking statements contained
herein can be found in Truist's Annual Report on Form 10-K for the
fiscal year ended December 31, 2021,
as updated by its Quarterly Reports on Form 10-Q, and its other
filings with the Securities and Exchange Commission.
View original
content:https://www.prnewswire.com/news-releases/truist-insurance-holdings-enhances-client-offerings-with-acquisition-of-benefitmall-from-carlyle-301601248.html
SOURCE Truist Financial Corporation