Broker Truist Insurance Holdings will acquire Constellation Affiliated Partners from RedBird Capital Partners.

The transaction will add approximately $160 million of annual revenue to Truist Insurance Holdings’ wholesale division. Financial terms were not disclosed.

Constellation Affiliated Partners is an insurance distribution platform operating seven managing general agents (MGAs) and program managers. It was formed by RedBird Capital Partners in 2019 and has grown through a series of acquisitions. Its four core specialty markets are contractors’ general liability, transportation, condominium/homeowners associations, and professional liability.

The seven MGAs that are part of Constellation are Allstar Financial Group, Norman Spencer, American Team Managers Insurance Services, RMA, Trinity Transportation Solutions, Coastal Insurance Underwriters and InsureTrust.

The Constellation Affiliated Partners businesses will be combined into Truist Insurance Holdings’ CRC Group, a national wholesale distributor of specialty insurance products.

“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 Corp.

John Howard, chairman and CEO of Truist Insurance Holdings, said the deal doubles its programs business and brings greater diversity to the types of programs.

RBC Capital Markets and Truist Securities served as financial advisors, and Willkie Farr & Gallagher served as legal counsel to Truist in this transaction. Evercore served as financial advisor, and Fried, Frank, Harris, Shriver & Jacobson served as legal counsel to Constellation Affiliated Partners.

Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services; Crump Life Insurance Services; AmRisc; and its premium finance companies (AFCO Credit Corp., Prime Rate Premium Finance Corp., and CAFO).

Source: Truist Insurance Holdings

*This story ran previously in our sister publication Insurance Journal.

Topics Mergers & Acquisitions Agencies Insurance Wholesale