Truist Insurance, a subsidiary of Truist Financial Corporation, has inked a deal with RedBird Capital to acquire Constellation Affiliated Partners.
Financial terms of the transaction have not been disclosed. However, the deal is said to add $160m as annual revenue to the wholesale division of Truist Insurance.
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RedBird Capital Partners formed Constellation Affiliated Partners in 2019. It is an insurance distribution platform, which operates seven managing general agents (MGAs) and program managers.
Since its inception, the acquired company has made multiple strategic acquisitions and grown rapidly.
Its core markets include contractors’ general liability, transportation, condominium/homeowners associations, and professional liability
Truist Financial Corporation chairman and CEO Kelly King said: “This acquisition enables us to continue diversifying our revenue and provide expansive insurance solutions to our clients—while ultimately helping us fulfil our purpose to build better lives and communities.”
Constellation Affiliated Partners will be working with the CRC Group of Truist Insurance.
CRC Group specialises in wholesale distribution of speciality insurance products.
Truist Insurance CEO John Howard said: “It significantly expands our wholesale division, allowing us to double our programs business, and brings greater diversity to the types of programs we can provide clients by adding their complementary offerings.”
Truist Insurance previously acquired Wellington Risk Holdings, W. Brown & Associates Property & Casualty, Specialty Risk Associates, and Program Insurance Management of Sarasota.
Formerly known as BB&T Insurance, Truist Insurance named itself after the owner company Truist Financial Corporation in June 2020.
