Truist
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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.
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Sources said Stone Point and CD&R will each have stakes of around 35%.
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The firm will have more flexibility around talent compensation and M&A activity.
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TIH CEO John Howard said the deal positions TIH for continued growth.
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Work is underway to line up a supporting debt raise that could be ~$7bn.
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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.
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The bank’s representatives have started reaching out to other potential interested parties.
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He most recently served as the Truist-owned broker’s national director of P&C.
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The broking firm promoted Rachael Yelverton to director of strategic projects while Jeremy McCaslin was named chief innovation officer.
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Truist appointed Neil Kessler to lead the wholesale division as CEO, while Bill Goldstein will become CEO of the underwriting unit.
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The Inside P&C news team runs you through the earnings results for the day.
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