Abu Dhabi’s Mubadala, partners buy out 5th largest US insurance broker Truist Insurance Holdings
Abu dhabi wealth fund initially acquired 20% in Truist Insurance Holdings in 2023
Dubai: Along with other investor-partners, Abu Dhabi’s Mubadala Investment Co. has bought out a stake in the fifth largest insurance broker in the US. This is the Truist Insurance Holdings, headquartered in Chalotte, North Carolina, and which has more than 200 offices in the US.
The stake was bought from Truist Financial Corporation.
The all-cash transaction values TIH at an implied enterprise value of $15.5 billion. The transaction is expected to be completed during the second quarter of 2024. (Truist Financial Corporation’s Board of Directors has unanimously approved the agreement.)
Mubadala had initially bought a 20 per cent TIH stake last year alongside Stone Point Capital and other co-investors for $1.95 billion.
“We are tremendously excited to have the opportunity to make an additional investment in Truist Insurance Holdings,” said Luca Molinari, Head of Asia and Financial Services at Mubadala. “It is a fantastic business led by a top management team, and together with our partners at Stone Point Capital and CD&R we are looking forward to further enabling its growth.”