Truist Financial Corp. said Tuesday that it has completed the sale of its remaining 80% stake in Truist Insurance Holdings to an investor group led by private equity firms Stone Point Capital LLC and Clayton, Dubilier & Rice LLC.
Truist Insurance Holdings, the fifth largest broker of U.S business according to the most recent Business Insurance rankings, will rebrand as TIH Insurance Holdings LLC, headquartered in Charlotte, North Carolina, Truist said in a statement.
The brokerage has more than 200 offices with nearly 10,000 employees in its wholesale, retail and insurance services businesses, according to the statement.
The divestment of the remaining stake was originally announced in February and valued the unit at $15.5 billion.
The deal highlights the consolidation within the commercial insurance distribution sector, which has included a re-shuffling in its top ranks.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.