Banking

Truist bulks up its insurance business

Truist Financial’s insurance subsidiary is set to complete five acquisitions this quarter, including a Texas-based insurance tech company.

Truist Insurance Holdings recently bought Wellington Risk Holdings, which operates as a managing general agent in residential property markets. A managing general agent is a specialized type of agent or broker that has been granted underwriting authority by an insurer.

The $499 billion-asset Truist said in a press release Monday that it should complete four other deals, with all of the acquisitions contributing $100 million in annual revenue to its wholesale division.

“Insurance is a key business for Truist, and one we will continue to grow,” Truist Chairman and CEO Kelly King said in the release. “Delivering insurance solutions to our clients is a core strategy — helping us deepen relationships, diversify our revenue stream, and build better lives and communities.”

Wellington will keep its name and will work with AmRisc, a Truist Insurance Holdings managing general agent that underwrites catastrophe and specialty insurance for commercial properties.

Truist, which is based in Charlotte, N.C., has also bought W. Brown & Associates Property & Casualty in Irvine, Calif., Specialty Risk Associates in Shreveport, La., and Program Insurance Management of Sarasota in Florida.

The company also expects to close its purchase of Fidelis Group Holdings in Covington, La., by the end of this year.



 

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