CHARLOTTE, NC, Oga. 8, 2022 /PRNewswire/ — Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation (NYSE: TFC) and the sixth largest insurance company in the US, announced today that it has signed a definitive agreement to acquire BenefitMall, the nation’s largest. benefits from a large organization, from funds managed by the international company Carlyle (NASDAQ: CG). The sale will add approx $150 million Truist Insurance Holdings Ltd. Financial terms were not disclosed. The project is expected to close in the third quarter of 2022, subject to the satisfaction of the traditional closure.
“As Truist Insurance Holdings celebrates its centennial year, investing in our insurance products and offerings continues to be a priority,” said Truist’s President and CEO. Bill Rogers. “This acquisition of BenefitMall helps us improve the variety of ways we offer to our customers and create customer experience, which is the foundation of our mission to inspire and build better lives and communities.”
BenefitMall has been serving customers for over 40 years, providing medical, dental, life, vision and long-term care solutions. Through its network of nearly 20,000 distributors, the company provides employee benefits to 140,000 small and medium-sized businesses across the country, using the latest technology and human skills to provide unlimited benefits to retailers, distributors and retailers. their customers.
BenefitMall will be integrated into CRC Group, a leading global leader in specialty insurance.
“We are excited to welcome BenefitMall customers to Truist and to have their team join our CRC Group,” said Truist Chief Insurance Officer. John Howard. “With this purchase, CRC Group will offer many options and services available to the real estate agent today. Whether it is property and accident; life, investment funds and long-term care; or now employee benefits, CRC Group’s team of professionals m ‘all over the country. all focused on one goal – to deliver success to our retail businesses.”
“As the largest health care provider in the US, we are deeply committed to the work we do as close partners with the brokers and agents we carry,” said BenefitMall’s CEO. Scott Kirksey. “We are proud of the growth we have achieved through our partnership with Carlyle and look forward to the exciting opportunities ahead to continue to deliver the benefits of fast, convenient and reliable sales that we have achieved as part of the Truist team.”
“Since we first invested in the business in 2017, BenefitMall has grown significantly by focusing on broker technology and investing in human resources in addition to successfully completing more than eight acquisitions to transform it into the most profitable business in the market,” he said. James Burr, managing director of the financial group at Carlyle. “We are proud of our partnership with Scott and the entire BenefitMall team and are grateful to have played a part in their success over the past few years.”
RBC Capital Markets and Truist Securities acted as financial advisors, and Willkie Farr & Gallagher LLP acted as legal counsel to Truist Insurance Holdings in the transaction. Waller Helms Advisors and Barclays acted as financial advisors, and Wachtell, Lipton, Rosen & Katz acted as legal counsel to Carlyle in the transaction. Jones Day acted as legal advisors to BenefitMall in this transaction.
Opinions of the company Truist Insurance Holdings
Truist Insurance Holdings, Inc., the sixth largest insurance broker in the US and the seventh largest in the world, is a company of Truist Financial Corporation (NYSE: TFC). Headquartered in Charlotte, NC, Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its Insurance Services companies (AFCO Credit Corporation, CAFO Inc., and Kensington Vanguard Land Services, LLC). For more information, visit www.truistinsurance.com.
Carlyle (NASDAQ: CG) is a global investment firm specializing in private equity firms across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. I am $376 billion of property under the management of June 30, 2022, Carlyle’s mission is to invest wisely and create value on behalf of investors, law firms and the communities in which they live and trade. Carlyle employs more than 1,900 people in 26 offices on five continents. More information is available at www.carlyle.com. Follow Carlyle
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future operations of Truist Financial Corporation or its subsidiaries (collectively, “Truist”). ). Words such as “anticipate,” “believe,” “estimate,” “anticipate,” “forecast,” “intend,” “opportunity,” “plan,” “project,” “could,” “may,” “should,” “”will” or similar words or expressions are intended to identify these forward-looking statements. These forward-looking statements are based on Truist’s expectations and opinions regarding Truist’s business, financial, and other future operations. Because forward-looking statements relate to results and future events, involve inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Many events or factors could affect Truist’s future financial results and operations and could cause actual results or performance to differ from expectations. or performance. EXCEPT TO THE EXTENT REQUIRED BY LAW OR APPLICABLE LAW, Truist DISCLAIMS ANY LIABILITY change such material or publicly announce the effect of any changes shown here to reflect future events. More information about Truist and factors that may affect the forward-looking statements contained herein can be found in Truist’s Annual Report on Form 10-K for the fiscal year then ended. December 31, 2021as amended by its Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.
Opinions of the company Truist Financial Corporation