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Insurance Insider US spoke with the incoming CEO to discuss the future of TIH.
The mid-market unit has been a home run but will now face the fresh test of integrating a $1.3bn revenue business.
With the disposal, TIH would amass a robust war chest for a looming MGA consolidation arms race.
Sources said that the business will be marketed off adjusted Ebitda of ~$500mn, including a title broking asset.
The broker has seen an “outpouring of interest” from talent looking to join since the Truist exit.
State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
The firm will no longer have to compete with one hand tied behind its back.
The $15.5bn price tag equates to around 18x the company’s 2023 core Ebitda.
The Insurance Insider US news team runs you through the earnings results for the day.
The oversubscription may signal additional capacity waiting on the sidelines.
The announcement confirms earlier reports from this publication.
Sources said the deal was roughly three times over-subscribed as cat becomes hot.
He will assume the role of office president in mid-2025.
Sources said Stone Point and CD&R will each have stakes of around 35%.
The firm will have more flexibility around talent compensation and M&A activity.
TIH CEO John Howard said the deal positions TIH for continued growth.
Work is underway to line up a supporting debt raise that could be ~$7bn.
The executives were speaking after Truist reported Q4 organic growth of 7.3%, accelerating from 6.3% in Q3 and 5.6% in Q4 a year earlier.
The bank’s representatives have started reaching out to other potential interested parties.
He most recently served as the Truist-owned broker’s national director of P&C.
The broking firm promoted Rachael Yelverton to director of strategic projects while Jeremy McCaslin was named chief innovation officer.
Truist appointed Neil Kessler to lead the wholesale division as CEO, while Bill Goldstein will become CEO of the underwriting unit.
The Inside P&C news team runs you through the earnings results for the day.
The executive declined to comment on Truist Insurance sale reports but said the firm is constantly assessing all its options.
Competitor news
Competitor news
Competitor news
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The broker cautioned unresolved Russia-Ukraine claims remain a ‘Black Swan’ -
He succeeds Hugo Wegbrans, who becomes head of CRB for Europe.
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The Corporation’s CEO will run Aon Reinsurance Solutions.
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Podcasts
Behind the Headlines Podcast
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Listen in as Convex CEO Paul Brand discusses building and running a $4bn (re)insurer. Also in this episode, Insurance Insider's Rachel Dalton provides an update on Dubai flooding and reinsurance coverage in the Middle East.
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In this episode Insurance Insider lead reporter Rachel Dalton runs down the key highlights of the 1.4 reinsurance renewals as capacity returned to the market.
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Hear the latest from the marine market as it weighs up the implications of the bridge collapse in Baltimore. Early indications are the claim could eclipse losses from Costa Concordia, stretching into the billions.
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Insurance Insider provides robust insights, sharp analysis and exclusive news on the global insurance-linked securities market.
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