Truist Insurance Holdings Inc., a subsidiary of Truist Financial Corp., said on Monday that it has acquired Wellington Risk Holdings Inc. and added over $ 100 million in annual sales to its wholesale division.
The terms of the transaction were not disclosed.
Fort Worth, Texas-based Wellington is an executive general agent in permitted residential real estate markets, with a strong presence in its home state, Truist said in a statement.
Truist Insurance Holdings said it also expects an agreement to buy Fidelis Group Holdings, a Covington, Louisiana-based specialty insurance provider for the marine and cargo industry, by the end of the year.
Wellington will retain its name and merge with AmRisc, the head of Truist Insurance Holdings' agent who takes out disaster and special 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 home insurance." Wellington's online market uses an agent portal.
Second quarter acquisition of Truist includes W. Brown & Associates Property & Casualty, an Irvine, California-based surplus line broker and chief executive officer of Specialty Risk Associates, a Shreveport, Louisiana-based surplus line broker and managing general agent; with specialized programs for industrial chemical manufacturers and distributors.
"Insurance is a key company for Truist, and one that 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 broker of American aff is, according to Business Insurance latest ranking. Catalog