Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation, announced today that it has signed a definitive agreement with RedBird Capital Partners to acquire Constellation Affiliated Partners, an insurance distribution platform operating seven managing general agents (MGAs) and program managers. The transaction will add approximately $160 million of annual revenue to Truist Insurance Holdings’ wholesale division. Financial terms were not disclosed.
“Expanding our insurance business remains a key priority for Truist as we continually look for ways to enhance our offerings and introduce new clients to Truist,” said Kelly S. King, Chairman and CEO of Truist Financial Corporation. “This acquisition enables us to continue diversifying our revenue and provide expansive insurance solutions to our clients—while ultimately helping us fulfill our purpose to build better lives and communities.”
“The Constellation Affiliated Partners transaction is a key acquisition that will further build out our national programs business,” said John Howard, Chairman and CEO of Truist Insurance Holdings. “It significantly expands our wholesale division, allowing us to double our programs business, and brings greater diversity to the types of programs we can provide clients by adding their complementary offerings.”
Constellation Affiliated Partners was formed by RedBird Capital Partners in 2019 and has grown rapidly through a series of strategic acquisitions. Its four core specialty markets, including contractors’ general liability, transportation, condominium/homeowners associations, and professional liability are examples of these expanded capabilities.
“We’re excited to welcome Constellation Affiliated Partners clients to Truist, and have their team join our organization. We have a shared commitment to accelerating our investment in data and analytics, and look forward to continuing to grow our business, both organically and through further acquisitions,” continued Howard.
Constellation Affiliated Partners will be combined into Truist Insurance Holdings’ CRC Group, a leading national wholesale distributor of specialty insurance products.
RBC Capital Markets and Truist Securities served as financial advisors, and Willkie Farr & Gallagher LLP served as legal counsel to Truist in this transaction. Evercore served as financial advisor, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Constellation Affiliated Partners in this transaction.