Truist
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The organic revenue number beat CEO Kelly King’s projections from this past summer, when he said the company expected high-single-digit third-quarter growth. -
Current group CEO Kelly King will become executive chairman and president William Rogers prepares to take chief executive role.
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Henson joined the team at Truist through the merger and had a long career in multiple senior roles at BB&T.
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The broker provided an optimistic growth outlook as pricing momentum slows.
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The company posted monumental Q2 growth of 15%, in what Kelly called "fundamentally the best quarter I have seen in this business in my career"
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New business was up by 25% in the quarter and Ebitda margins expanded by 380 bps.
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Inside P&C revealed last month that Constellation had been put up for sale by its private equity owners RedBird Capital, in a process run by Evercore.
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The broker touted new business growth of 12.8%, improved cross-selling and stable rates at 7% from Q4.
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Truist open to M&A opportunities in the coming year.
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The intermediary said that rate increases were “comparable or slightly up” versus prior periods in Q1.
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The broker’s 5% organic growth was flattish versus Q3 but management’s tone pointed to more bullishness on the operating environment and the economy.
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Standard carriers are pushing risk to the wholesale market, said banking and insurance head Henson.
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