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Truist Insurance Holdings Inc., a subsidiary of Truist Financial Corp., said Monday it will acquire Constellation Affiliated Partners LLC, an insurance distribution platform with seven managing general agents and program managers.
Terms of the transaction were not disclosed.
The deal will add about $160 million of annual revenue to Truist Insurance Holdings’ wholesale division, the Truist statement said. New York-based Constellation will become part of Truist Insurance Holdings’ wholesaler CRC Group.
John Howard, chairman and CEO of Charlotte, North Carolina-based Truist Insurance Holdings, said the deal doubles the broker’s programs business.
Kelly S. King, chairman and CEO of Truist Financial Corp., said expanding the insurance business remains a key priority for Truist.
Constellation Affiliated Partners, formed by New York-based RedBird Capital Partners Management LLC in 2019, says it has more than 500 employees in North America and places more than $1 billion premium annually.
Truist Insurance Holdings Inc. is the seventh-largest insurance broker, according to the most recent Business Insurance rankings.
BB&T Insurance Holdings Inc., a subsidiary of Truist Bank, said Monday that it is now doing business as Truist Insurance Holdings Inc.