Simpson Thacher is representing funds managed by Stone Point Capital LLC in connection with their agreement to purchase 20% of Truist Bank’s insurance brokerage business for $1.95 billion in a transaction valuing the business at $14.75 billion.
Truist Insurance Holdings is a subsidiary of Truist Financial Corporation (NYSE: TFC) and is the sixth-largest insurance brokerage in the United States. Headquartered in Charlotte, North Carolina, Truist Insurance Holdings operates more than 250 offices through its Wholesale, Retail and Insurance Services divisions.
Stone Point is an investment firm based in Greenwich, Connecticut with over $45 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.
The Simpson Thacher team includes: Elizabeth Cooper, Mark Viera, Ben Kloss and Jack Nalen (M&A); Catherine Burns and Darby Tingle (Banking and Credit); Benjamin Rippeon and William Smolinski (Tax); David Rubinsky, Jamin Koslowe and Jeffrey Penn (ECEB); Steve DeLott (Insurance); Spencer Sloan (Financial Institutions); Dennis Loiacono (Real Estate); Lori Lesser and Bobbie Burrows (IP); and Toby Chun and Noreen Lavan (Environmental).