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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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Q1 was the ninth consecutive quarter of below-average deal volume. -
The industry is seen as “resilient” amid a volatile risk environment.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
Insider On Air: Our Webinars & Podcast Channel
Behind the Headlines Podcast
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Will Bridger, Group CEO with Compre Group, discusses the evolving legacy insurance market at the PwC Insurance Summit.
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Rachel Turk, CUO for Lloyd’s, shares first-year insights and explores AI, market outlook, and data flow innovations.
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AXA XL’s CUO for Bermuda, Noel Pearman, shares how AI is transforming insurance operations, enhancing client offerings, and opening doors to new business opportunities.
From our other titles
From our other titles
From our other titles
From Insurance Insider ILS
State Farm, Citizens and Twia mull mega-bond deals equal to ~$3bn
The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
From Insurance Insider ILS
Casualty ILS market can double annually in next two years: MultiStrat CEO
Industry sources estimate the market to be around $3bn.
From Insurance Insider
Arcas promotes Deane to MD, head of US
The firm also promoted Devin Inskeep to an expanded role as SVP, head of ratings and advisory.
From Insurance Insider
Reinsurance market 'responsive' for 1.1 with ample capacity: GC
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.