Truist Nears Sale of Insurance Arm to Stone Point, CD&R *Centurion Insurance AFS*

Truist Financial Corp. is nearing a deal to sell a majority stake in its insurance brokerage business to Stone Point Capital and Clayton Dubilier & Rice, people familiar with the matter said.

The sale of the stake in Truist Insurance Holdings could be announced as soon as this week, according to the people, who asked not to be identified discussing confidential information. The deal could value the asset at about $15 billion, they said.

While discussions are advanced, they may be delayed or falter, the people said. Talks about a deal were reported earlier by Insurance Insider and Semafor.

A representative for Truist Financial declined to comment, while spokespeople for Stone Point and CD&R didn’t immediately respond to requests for comment.

Last year, Truist agreed to sell 20% of the insurance business to a group led by Stone Point.

Photograph: A Truist Financial bank branch in Miami, Florida, US, on Thursday, June 15, 2023. Photo credit: Scott McIntyre/Bloomberg

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