Simpson Thacher is representing funds managed by Stone Point Capital LLC in connection with their agreement, together with funds managed by Clayton, Dubilier & Rice, LLC, to purchase Truist Bank’s insurance brokerage business (“Truist Insurance”) in a transaction valuing the business at $15.5 billion.
Truist Insurance is a subsidiary of Truist Financial Corporation (NYSE: TFC) and is the fifth largest insurance brokerage in the United States. Headquartered in Charlotte, North Carolina, Truist Insurance operates more than 200 offices through its Wholesale, Retail and Insurance Services divisions.
Stone Point is an investment firm based in Greenwich, Connecticut with over $50 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in a number of alternative asset classes, including private equity through its flagship Trident Funds.
Simpson Thacher represented Stone Point in its 20% investment in Truist Insurance in 2023.
The Simpson Thacher team includes: Elizabeth Cooper, Mark Viera, Ben Kloss and Jacob Kornman (M&A); Benjamin Rippeon, William Smolinski and Edward Grais (Tax); David Rubinsky, Jamin Koslowe, Meredith Brenton, Sara Mazurek, Megan Arrowsmith and Yifan Cao (ECEB); Ken Wallach and Jessica Asrat (Capital Markets); Steve DeLott (Insurance); Spencer Sloan (Financial Institutions); Drew Kofsky (Labor); David Blass, Meredith Abrams and Nicolas Valderrama (Regulatory); Krista McManus and Dennis Loiacono (Real Estate); Lori Lesser, Bobbie Burrows and Kate Mirino (IP); Toby Chun and Noreen Lavan (Environmental).