Abu Dhabi-based Mubadala Investment Company has partnered with primary investor Stone Point Capital, a leading private equity firm focused on the global financial services industry, alongside other co-investors, to purchase a 20 per cent stake for $1.95 billion in Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation.
Based in Charlotte, North Carolina, Truist Insurance Holdings is the sixth-largest insurance broker in the US and operates more than 240 offices through its subsidiaries.
The transaction represents an aggregate value of $14.75 billion for Truist Insurance Holdings. Upon closing of the investment, expected in Q2 2023, Truist will own 80 per cent of Truist Insurance Holdings.
“Truist Insurance Holdings is a very attractive business with a leadership position in US insurance distribution, and has generated a consistently strong financial performance,” said Luca Molinari, Head of Financial Services at Mubadala. “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.”