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The Best Insurance Brokers, No. 7: Truist Insurance Holdings Inc.



Brokerage revenues from 2020: $ 2.43 billion

Percentage increase (decrease): 7.2%

Truist Insurance Holdings Inc. made seven acquisitions in 2020 and achieved solid positive organic growth despite the economic downturn.

These seven deals, all in the wholesale sector, will generate more than $ 100 million in annual revenue, according to John Howard, chairman and CEO of the broker, which is a unit of Charlotte, North Carolina-based banking firm Truist Financial Corp.

Truist Financial was formed through the merger between SunTrust Banks Inc. and BB&T Corp. 2019. The insurance business changed its name from BB&T Insurance Holdings Inc. on June 1

, 2019.

Growth was limited in 2020 but has recovered this year, Howard said.

Truist Insurance reported $ 2.43 billion in brokerage revenue last year, an increase of 7.2% over 2019, and maintained its position as No. 7 in the Business Insurance ranking of the world's largest brokers.

"The growth in 2020 was not to the same extent as if we had not experienced the pandemic, but we could still grow," he said.

Truist Insurance reported 4.3% organic growth in 2020, which Elyse Greenspan, CEO, stock research, insurance, at Wells Fargo Securities LLC in New York, said was "a strong, healthy number given the impact of the pandemic. From an organic perspective, they were able to grow out of their peers, she says.

Truist Insurance reported 6.4% organic growth in the first quarter of 2021.

While the broker acquired seven wholesalers by 2020, it was "opportunistic," Howard said. We are still very interested in retail acquisitions and it just so happens that there were better opportunities for wholesale acquisitions by 2020. "

Truist Försäkring's operations are now 29.1% commercial retail and 48.7% wholesale, and the rest consists of personal lines, employee benefits and services.

The most recent deal in 2020 was its acquisition in December of Wellington Risk Holdings Inc., an insurtech company acting as chief operating officer of the g unknown residential real estate markets, with a strong presence in Texas.

Previous acquisitions in 2020 included W. Brown & Associates Property & Casualty, an Irvine-based realtor in California and MGA; Specialty Risk Associates, a Shreveport, Louisiana-based surplus broker and MGA; and software insurance management by Sarasota, a Florida-based executive insurance company with specialized programs for industrial chemical manufacturers and distributors.

"They have a presence in both the wholesale and retail markets, which allows them to pursue transactions in both sectors," depending on where the opportunities are, Greenspan said.

Gerard Vecchio, CEO of Woodmere, Ohio-based corporate group Marsh, Berry & Co. Inc., says Truist Insurance understands "the wholesale market and the management of general agents and is very active."

Truist Insurance continued its wholesale additions with the acquisition in May 2021 of Constellation Affiliated Partners LLC, an insurance distribution platform with seven chief agents and program managers, which will add approximately $ 160 million in annual revenue to Truist's insurance wholesale division.

Truist Insurance also continues to add staff. In 2020, the broker brought in more than 50 new producers in addition to retirements and retirements, Howard said.

The broker also created a new role, customer experience manager, reporting to Howard. "Someone who will really focus on improving client retention and improving our value proposition," he said. Henry Wright was promoted to the role on September 1, 2020. Prior to that, he was senior vice president and director of risk solutions for Truist Insurance & # 39 ;s wholesale unit McGriff Insurance Services Inc.

Another driver of growth for Truist Insurance since the merger that created its Parent company is what it calls integrated relationship management, said Greenspan. The broker reported that the ability to generate revenue through referrals from the larger combined business added $ 153 million in revenue to the insurance business by 2020, she said.

To help its employees during the pandemic, Howard said, Truist Financial provided more than $ 100 million in support programs including extra paid leave, childcare compensation, improved on-site pay and a $ 1,200 COVID-19 fee bonus for them. who earn less than $ 100,000 a year. Catalog

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