Abu Dhabi-based Mubadala Investment Company has announced that it has partnered with primary investor Stone Point Capital, a private equity firm focused on the global financial services industry, alongside other co-investors, to purchase a 20% stake in US-based Truist Insurance Holdings, for $1.95 billion.

 

Based in Charlotte, North Carolina, Truist Insurance Holdings, a subsidiary of Truist Financial Corporation, is the sixth-largest insurance broker in the US and operates more than 240 offices through its subsidiaries.

 

According to Mubadala, the transaction represents an aggregate value of $14.75 billion for Truist Insurance Holdings. 

 

Upon closing of the investment, expected in Q2 2023, Truist will own 80% of Truist Insurance Holdings, which will continue to be an important contributor for Truist and its shareholders, it stated.

 

On the strategic move, Luca Molinari, the Head of Financial Services at Mubadala, said: "We are excited to partner with Stone Point, Truist and the management team of Truist Insurance Holdings to enable the business to accelerate in its growth trajectory."

 

"Truist Insurance Holdings is a very attractive business with a leadership position in US insurance distribution and has generated a consistently strong financial performance," he added.-TradeArabia News Service