Truist Monetary Corp. mentioned Tuesday that it has accomplished the sale of its remaining 80% stake in Truist Insurance coverage Holdings to an investor group led by personal fairness companies Stone Level Capital LLC and Clayton, Dubilier & Rice LLC.
Truist Insurance coverage Holdings, the fifth largest dealer of U.S enterprise in response to the newest Enterprise Insurance coverage rankings, will rebrand as TIH Insurance coverage Holdings LLC, headquartered in Charlotte, North Carolina, Truist mentioned in a press release.
The brokerage has greater than 200 places of work with practically 10,000 workers in its wholesale, retail and insurance coverage providers companies, in response to the assertion.
The divestment of the remaining stake was initially introduced in February and valued the unit at $15.5 billion.
The deal highlights the consolidation inside the industrial insurance coverage distribution sector, which has included a re-shuffling in its high ranks.
