Truist Insurance Holdings Inc., a subsidiary of Truist Financial Corp., has signed a definitive agreement with RedBird Capital Partners to acquire Constellation Affiliated Partners, an insurance distribution platform operating seven managing general agents and program managers.
“Expanding our insurance business remains a key priority for Truist as we continually look for ways to enhance our offerings and introduce new clients to Truist,” said Kelly S. King, chairman and CEO of Truist Financial Corporation. “This acquisition enables us to continue diversifying our revenue and provide expansive insurance solutions to our clients—while ultimately helping us fulfill our purpose to build better lives and communities.”
“The Constellation Affiliated Partners transaction is a key acquisition that will further build out our national programs business,” said John Howard, chairman and CEO of Truist Insurance Holdings. “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.”
Constellation Affiliated Partners will be combined into Truist Insurance Holdings’ CRC Group, a national wholesale distributor of specialty insurance products.
RBC Capital Markets and Truist Securities served as financial advisors, and Willkie Farr & Gallagher LLP served as legal counsel to Truist in this transaction. Evercore served as financial advisor, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Constellation Affiliated Partners in this transaction.