Stone Point Capital, a leading private equity firm focused on the global financial services industry, and Mubadala Investment Company, the Abu Dhabi based investment company, partnered alongside other co-investors, to purchase a 20% stake for $1.95 billion in Truist Insurance Holdings.
The transaction represents an aggregate value of $14.75 billion for Truist Insurance Holdings. The investment is expected to close in Q2 2023 and upon closing Truist will own 80% of Truist Insurance Holdings, which will continue to be an important contributor for Truist and its shareholders.
“Truist Insurance Holdings is a very attractive business with a leadership position in U.S. insurance distribution, and has generated a consistently strong financial performance. We are excited to partner with Stone Point, Truist and the management team of Truist Insurance Holdings to enable the business to accelerate in its growth trajectory,” Luca Molinari, Head of Financial Services at Mubadala, said.
Based in Charlotte, North Carolina, Truist Insurance Holdings is the sixth-largest insurance broker in the U.S. and operates more than 240 offices through its subsidiaries.
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