Truist Insurance Holdings Inc., a subsidiary of Truist Financial Corp., said on Monday that it will acquire Constellation Affiliated Partners LLC, an insurance distribution platform with seven managing general agents and program managers.
The terms of the transaction were not disclosed.
The deal will add approximately $ 160 million in annual revenue to Truist Insurance Holding's wholesale division, Truist said in a statement. The New York-based Constellation will be 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 program operations.
Kelly S. King, Chairman and CEO of Truist Financial Corp., states that the expansion of insurance business remains a key priority for Truist.
Constellation Affiliated Partners, formed by New York-based RedBird Capital Partners Management LLC 201
Truist Insurance Holdings Inc. is the seventh largest insurance broker, according to the latest Business Insurance ranking.