Risk Management

Truist Insurance Holdings acquires Texas MGA

Matthew Lerner

December 07, 2020 Reprints

Agents & Brokers Mergers & Acquisitions Property More + Less -

Truist Insurance Holdings Inc., a subsidiary of Truist Financial Corp., said Monday it has acquired Wellington Risk Holdings Inc., adding over $100 million of combined annual revenue to its wholesale division.

Terms of the transaction were not disclosed.

Fort Worth, Texas-based Wellington is a managing general agent in admitted residential property markets, with a strong presence in its home state, Truist said in a statement.

Truist Insurance Holdings said it also expects to close a deal to buy Fidelis Group Holdings, a Covington, Louisiana-based provider of specialty insurance products for the marine and cargo industries, by year end.

Wellington will retain its name and join forces with AmRisc, the Truist Insurance Holdings managing general agent that underwrites catastrophe and specialty insurance for commercial property.

John Howard, chairman and CEO of Truist Insurance Holdings, said in the statement, “Through the use of technology, Wellington has found a better way to place residential property insurance.” Wellington’s online marketplace uses an agent portal.

Other fourth-quarter acquisitions by Truist include W. Brown & Associates Property & Casualty, an Irvine, California-based surplus lines broker and managing general agent; Specialty Risk Associates, a Shreveport, Louisiana-based surplus lines broker and managing general agent; and Program Insurance Management of Sarasota Inc., a Sarasota, Florida-based managing general underwriter with specialized programs for industrial chemical manufacturers and distributors.

“Insurance is a key business for Truist, and one we will continue to grow,” Kelly S. King, chairman and CEO of Truist Financial Corp., said in the statement.

Truist Insurance Holdings is the fifth-largest brokerage of U.S. business, according to Business Insurance’s most recent ranking.