Truist Financial Corporation subsidiary Truist Insurance has acquired Insurtech Wellington Risk Holdings for an unknown sum.

This purchase is said to include in the five insurance acquisitions the company expects close in the current quarter, raising the combined annual revenue of its wholesale division to more than $100m.

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Wellington operates as a managing general agent (MGA) in the admitted residential property markets, with a strong presence in Texas.

A virtual marketplace offering developed by Wellington is claimed to offer ‘competitive products and superior underwriting performance’.

Truist Insurance chairman and CEO John Howard said: “The acquisition of Wellington provides a terrific opportunity to further build our business and reflects the importance we place on innovation.

“Through the use of technology, Wellington has found a better way to place residential property insurance. We are very excited about the opportunities we’ll have together, including the ability to expand Wellington’s business beyond its current footprint.”

Following the transaction, Wellington will partner with Truist Insurance’s MGA AmRisc, which underwrites catastrophe and specialty insurance for commercial property.

Wellington will continue to operate under its current brand.

Truist Insurance previously acquired W. Brown & Associates Property & Casualty, Specialty Risk Associates, and Program Insurance Management of Sarasota.

The company said it expects to close a transaction with Fidelis Group, which provides specialty insurance products for the marine and cargo industries, by year-end.

Formerly known as BB&T Insurance, Truist Insurance named itself after the owner company Truist Financial Corporation in June this year.