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Truist news from Insurance Insider
It acquired wholesaler ARC Excess & Surplus, confirming an earlier report from this publication.
Insurance Insider US spoke with the incoming CEO to discuss the future of TIH.
The mid-market unit has been a home run but will now face the fresh test of integrating a $1.3bn revenue business.
With the disposal, TIH would amass a robust war chest for a looming MGA consolidation arms race.
Sources said that the business will be marketed off adjusted Ebitda of ~$500mn, including a title broking asset.
The broker has seen an “outpouring of interest” from talent looking to join since the Truist exit.
State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
The firm will no longer have to compete with one hand tied behind its back.
The $15.5bn price tag equates to around 18x the company’s 2023 core Ebitda.
The Insurance Insider US news team runs you through the earnings results for the day.
The oversubscription may signal additional capacity waiting on the sidelines.
The announcement confirms earlier reports from this publication.
Sources said the deal was roughly three times over-subscribed as cat becomes hot.
He will assume the role of office president in mid-2025.
Sources said Stone Point and CD&R will each have stakes of around 35%.
The firm will have more flexibility around talent compensation and M&A activity.
TIH CEO John Howard said the deal positions TIH for continued growth.
Work is underway to line up a supporting debt raise that could be ~$7bn.
The executives were speaking after Truist reported Q4 organic growth of 7.3%, accelerating from 6.3% in Q3 and 5.6% in Q4 a year earlier.
The bank’s representatives have started reaching out to other potential interested parties.
He most recently served as the Truist-owned broker’s national director of P&C.
The broking firm promoted Rachael Yelverton to director of strategic projects while Jeremy McCaslin was named chief innovation officer.
Truist appointed Neil Kessler to lead the wholesale division as CEO, while Bill Goldstein will become CEO of the underwriting unit.
The Inside P&C news team runs you through the earnings results for the day.
Competitor news
Competitor news
Competitor news
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During first quarter earnings calls, insurers argued that they can mitigate volatility. -
In casualty, getting significant blocks of capacity remains a major challenge.
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The executive was previously a top US casualty broker.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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Arcas promotes Deane to MD, head of US
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A more consistent trading rhythm returned to the property market, with capacity deployment outside of frequency-exposed layers and more heavily loss-impacted segments bouncing back.
Insurance Insider provides robust insights, sharp analysis and exclusive news on the global insurance-linked securities market.
Insurance Insider ILS provides robust insights, sharp analysis and exclusive news on the global insurance-linked securities market.