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- Truist Insurance Holdings
Truist Insurance Holdings Acquisition & Valuation
Truist Insurance Holdings was acquired by Stone Point Capital for $16B in February 2024, a 4.5x multiple on $3.5B of revenue.
Truist Insurance Holdings acquisition price
$16B
Acquired by Stone Point Capital · Feb 2024
Truist Insurance Holdings revenue at acquisition
$3.5B
Last twelve months · Feb 2024
Truist Insurance Holdings revenue multiple at acquisition
4.5x
EV/Revenue · Feb 2024
Truist Insurance Holdings EBITDA multiple at acquisition
18.0x
EV/EBITDA · Feb 2024
About Truist Insurance Holdings
Truist Insurance Holdings is the insurance brokerage and services arm of Truist Financial Corporation ranking as the sixth-largest in the U.S. by revenue. Headquartered in Alpharetta, Georgia, it employs 8,500 professionals across 600 offices in 50 states, generating $3.1 billion in 2023 commissions from property, casualty, employee benefits, and risk management for middle-market and Fortune 500 clients.
Founded
1922
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Commission
Revenue
$3B (Feb 2023)
Valuation
$15B (Feb 2023)
Sectors
Truist Insurance Holdings Acquisition
Truist Insurance Holdings was acquired by Stone Point Capital for $16B on 20 February 2024.
The acquisition price implies a 4.5x revenue and 18.0x EBITDA multiple on $3.5B of revenue.
Truist Insurance Holdings (TIH), a subsidiary of Truist Financial Corporation and the fifth-largest insurance brokerage in the United States, operates more than 200 offices across its Wholesale, Retail, and Insurance Services divisions, headquartered in Charlotte, North Carolina. In February 2023, Truist sold a 20% minority stake in TIH to funds managed by Stone Point Capital, a Greenwich, Connecticut-based private equity firm focused on global financial services with over $50 billion in assets under management, for $1.95 billion, implying a $14.75 billion enterprise value. This initial investment positioned Stone Point as a strategic partner to accelerate TIH's growth through industry expertise and capital support in a scale-driven, dynamic insurance brokerage market. In February 2024, Truist agreed to sell its remaining 80% stake in TIH to an investor group led by Stone Point Capital and Clayton, Dubilier & Rice (CD&R), with participation from Mubadala Investment Company and other co-investors, valuing TIH at $15.5 billion. The deal, financed via a $3.1 billion first lien term loan, $1.175 billion revolver, $1.9 billion second lien term loan, and $3 billion senior secured notes due 2031, plus equity from the investors, closed on May 7, 2024, subject to regulatory approvals. The transaction generated $10.1 billion in cash proceeds for Truist, estimated at $0.20 dilutive to 2024 EPS assuming early-year close and 4.5% reinvestment yield, enabling balance sheet strengthening and core banking investments. Stone Point and CD&R provide TIH with operational expertise, transformative value creation track records, and resources for technology investments, product development, and expansion under retained brands led by CEO John Howard. The partnership addresses competitive dynamics requiring scale, client relationships, and innovation, transitioning TIH to a fully independent entity focused on colleague development, talent attraction, and enhanced client services in a rapidly evolving industry.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 20 Feb 2024 | PE buyout | $16B | 4.5x | 18.0x |
Truist Insurance Holdings Valuation
Truist Insurance Holdings is currently valued at $15B, based on its secondary sale in February 2023.
The $1.9B round included Stone Point Capital and Mubadala.
Truist Insurance Holdings valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2023 | Secondary | $15B | 4.9x |
Truist Insurance Holdings Revenue
Truist Insurance Holdings' latest recorded revenue is $3B, as of its secondary sale in February 2023. At a $15B valuation, that implies a 4.9x revenue multiple.
Truist Insurance Holdings revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2023 | $3B | $15B | 4.9x | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Truist Insurance Holdings Funding History
Truist Insurance Holdings has 1 recorded secondary share sale and no primary funding rounds.
Truist Insurance Holdings funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2023 | Secondary | Stone Point Capital; Mubadala | $1.9B | $15B | Truist Insurance Holdings is a major U.S. insurance brokerage unit, ranked sixth-largest, operating over 250 offices coast-to-coast with more than 9,000 employees, comprising 60% wholesale and 40% retail business, facilitating $45 billion in premiums and generating over $3 billion in annual revenue, which accounts for 13% of Truist's total revenue, 35% of fee income, and 8% of net income. On February 16, 2023, Truist agreed to sell a 20% minority stake in Truist Insurance Holdings to funds managed by Stone Point Capital, in partnership with Mubadala Investment Company and other co-investors, for $1.95 billion in cash. The transaction valued the business at an aggregate $14.75 billion, including $9.75 billion common equity value and $5 billion intercompany preferred equity, representing 17.2x 2022 adjusted EBITDA and 27.4x 2022 adjusted earnings. The deal excluded the premium finance business, was expected to close in Q2 2023, increase Truist's CET1 ratio by 32 basis points, and be 6% accretive to tangible book value per share while remaining neutral to earnings per share. Post-transaction, Truist retained 80% ownership with a five-person board featuring four Truist appointees and one from Stone Point, maintaining consolidation of the unit as a key contributor. In 2024, Truist sold its remaining stake to an investor group led by Stone Point Capital and Clayton, Dubilier & Rice at a $15.5 billion implied enterprise value, or 18x 2023 core EBITDA, generating $10.1 billion after-tax proceeds. |
Who has invested in Truist Insurance Holdings?
2 investors have backed Truist Insurance Holdings across its funding rounds, including Mubadala and Stone Point Capital.
Truist Insurance Holdings Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions by Truist Insurance Holdings
Truist Insurance Holdings has acquired 1 company to date.
Last acquisition by Truist Insurance Holdings was on February 8th 2022. Truist Insurance Holdings acquired Kensington Vanguard National Land Services for undisclosed valuation.
Latest Acquisitions by Truist Insurance Holdings
| Description | Kensington Vanguard National Land Services is a leading independent national title insurance agency operating across the United States. The firm delivers full-service title insurance, escrow, closing, and settlement solutions for residential, commercial, and industrial properties. It functions as an authorized agent for major underwriters including Commonwealth Land Title Insurance Company, Fidelity National Title Insurance Company, Lawyers Title Insurance Corporation, Old Republic National Title Insurance Company, and Stewart Title Guaranty Company. Headquartered in Santa Monica, California, the company maintains offices in key markets like Arizona, California, Colorado, Nevada, Texas, and Washington to support real estate transactions nationwide. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 8 Feb 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Truist Insurance Holdings acquisitions and their M&A valuation multiples. Start Free Trial | |
Truist Insurance Holdings Competitors
Truist Insurance Holdings competitors include listed companies like BB Seguros, CAIXA Seguridade, Brown & Brown and Primerica, and private ones like The Ardonagh Group and The Automobile Association.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.2B | - | $15B | 7.8x | ||
| Publicly listed | $478M | - | $12B | 10.1x | ||
| Publicly listed | $5.8B | $2B | $22B | 4.3x | ||
| Publicly listed | $3.3B | $1B | $8.9B | 3.0x | ||
| Private | $1.5B | $530M | $7.5B | 5.0x | ||
| Private | $739M | $456M | $5.3B | 7.2x |
Truist Insurance Holdings Public Comps
Truist Insurance Holdings is no longer listed, but its public comps include BB Seguros, CAIXA Seguridade, Brown & Brown, Primerica, Ryan Specialty, Steadfast Group, Baldwin Insurance, CorVel, Rasan and Willis Towers Watson.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | - | 12.8x | 7.8x | - | - | |||
| $478M | - | 25.1x | 10.1x | - | 12.1x | |||
| $5.8B | $2B | 5.0x | 4.3x | 14.1x | 12.2x | |||
| $3.3B | $1B | 3.2x | 3.0x | 10.3x | - | |||
| $3.1B | $803M | 3.0x | 2.8x | 11.3x | 9.0x | |||
| $1.1B | $359M | 4.4x | 3.2x | 13.4x | 9.8x | |||
| $1.5B | $197M | 5.1x | 4.0x | 38.3x | 17.4x | |||
| $959M | $175M | 3.5x | - | 19.1x | - | |||
This data is available for Pro users. Sign up to see all Truist Insurance Holdings competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Truist Insurance Holdings
| When was Truist Insurance Holdings founded? | Truist Insurance Holdings was founded in 1922. |
| Where is Truist Insurance Holdings headquartered? | Truist Insurance Holdings is headquartered in Charlotte, NC, United States. |
| Is Truist Insurance Holdings publicly listed? | No, Truist Insurance Holdings was acquired by Stone Point Capital in February 2024. |
| Who acquired Truist Insurance Holdings? | Truist Insurance Holdings was acquired by Stone Point Capital in February 2024. |
| How much was Truist Insurance Holdings acquired for? | Truist Insurance Holdings was acquired for $16B in February 2024, a 4.5x revenue multiple. |
| What is Truist Insurance Holdings' valuation? | Truist Insurance Holdings was last valued at $15B in its secondary sale in February 2023. |
| Who are Truist Insurance Holdings' investors? | Truist Insurance Holdings' investors include Stone Point Capital and Mubadala. |
| What is Truist Insurance Holdings' revenue? | Truist Insurance Holdings' latest recorded revenue is $3B (February 2023). |
| What is Truist Insurance Holdings' revenue multiple? | Truist Insurance Holdings' latest valuation implies a 4.9x revenue multiple ($15B valuation on $3B of revenue). |
| Which companies are comparable to Truist Insurance Holdings? | Companies comparable to Truist Insurance Holdings include BB Seguros, CAIXA Seguridade, Brown & Brown, Primerica, The Ardonagh Group and The Automobile Association. |
| How many companies has Truist Insurance Holdings acquired? | Truist Insurance Holdings has acquired 1 company, including Kensington Vanguard National Land Services. |
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