Finance
Truist Agrees to Sell Rest of Insurance Arm to Stone Point, CD&R
- Deal ‘will further strengthen our balance sheet,’ CEO says
- Truist Insurance Holdings valued at about $15 billion in deal
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Truist Financial Corp. agreed to sell a majority stake in its insurance brokerage business to group led by Stone Point Capital and Clayton Dubilier & Rice.
The all-cash transaction values Truist Insurance Holdings at $15.5 billion, the companies said in a statement Tuesday. The sale, scheduled to be completed in the second quarter, is expected to increase Truist’s Common Equity Tier 1 capital ratio by 230 basis points and its tangible book value by $7.12 a share, or 33%.