Truist Insurance expands its reach through Insurtech Wellington buyout
Author : Saipriya Iyer | Published Date : 2020-12-09
According to reliable sources, U.S.-based leading insurance broker, Truist Insurance Holdings Inc., which is a subsidiary of Truist Financial Corporation, has acquired Wellington Risk Insurance Agency Inc., a Texas-headquartered insurance brokerage service provider.
For those uninitiated, Wellington Risk Insurance Agency offers financial services such as risk management and loss prevention and specializes in the administration and delivery of residential property insurance.
As per the agreement, Wellington will hold on to its name and will team up with Truist Insurance Holdings’ managing general agency (MGA) AmRisc LLC, an organization that underwrites catastrophe and specialty insurance for commercial property.
It is to be noted that Truist Insurance has announced its plans of adding around USD 100 million of combined annual revenue to its wholesale division through five insurance acquisitions in this fiscal quarter.
The company closed three other transactions in this quarter, namely Program Insurance Management of Sarasota Inc., a casualty insurance service provider, Specialty Risk Associates, Inc., a surplus line broker and managing general agency, and W. Brown & Associates Property & Casualty Insurance Services Inc.
CEO and Chairman of Truist Insurance Holdings, John Howard was reported saying that the recent acquisition of Wellington provides the company with an opportunity to accelerate its business expansion, leveraging the insurance service provider’s advanced technology and gain an authoritative status in the residential property insurance vertical.
Truist Securities Inc. and RBC Capital Markets were reportedly appointed as financial advisors for the transaction, while Willkie Farr & Gallagher LLP served as a legal counsel during the transaction.
If sources are to be believed, Truist Insurance Holdings is also planning on securing a deal with Fidelis Group Holdings LLC, an LA-based leading provider of marine insurance coverage and services, by the end of this year.
About Truist Insurance Holdings Inc.
Established in 1922, with over 250 offices in five complementary business subsidiaries, Truist Insurance Holdings offers highly consultative risk management services and other type of insurance coverages including small business, personal, corporate, employee benefits, and life & health.
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Saipriya Iyer . .
Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i
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