Wednesday, March 22, 2023
HomeInsuranceTruist to promote 20% stake in insurance coverage subsidiary

Truist to promote 20% stake in insurance coverage subsidiary

“We’re excited for this collaboration with Stone Level, because the funding demonstrates the numerous worth of Truist Insurance coverage Holdings and strategically positions it, and Truist, for long-term success,” mentioned Invoice Rogers, chairman and CEO of Truist.

Truist Insurance coverage Holdings will proceed to profit from Truist’s operations, entry to capital and shopper relationships, whereas each Truist and Truist Insurance coverage Holdings will profit from Stone Level’s position as a capital companion, Truist mentioned.

“At this time’s announcement is a recognition of the success and high quality of Truist Insurance coverage Holdings’ manufacturers, the trusted relationships we’ve developed with shoppers, and above all, the onerous work and relentless dedication of our teammates,” mentioned John Howard, chairman and CEO of Truist Insurance coverage Holdings. “We function in a gorgeous, rising and dynamic business during which scale is important to stay aggressive. With Stone Level’s business experience and position as a capital companion, we will likely be strategically positioned for long-term success and development as we proceed increasing our portfolio and investing in revolutionary digital options.”

Learn subsequent: Truist Insurance coverage Holdings swoops for title insurance coverage big

“Truist Insurance coverage Holdings is a scaled, diversified US retail and wholesale insurance coverage distribution platform that has skilled robust development each organically and thru a disciplined acquisition technique,” mentioned Chuck Davis, CEO of Stone Level. “We’ve had a longstanding and mutually helpful relationship with Truist for a few years, and we and our co-investors couldn’t be extra excited to companion with them, John and the whole Truist Insurance coverage Holdings workforce in its subsequent section of worthwhile development.”

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