Truist Insurance Holdings enhances customer offerings with acquisition of BenefitMall from Carlyle

CHARLOTTE, North Carolina, August 8, 2022 /PRNewswire/ — Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation (NYSE: TFC) and the sixth-largest insurance brokerage in the United States, today announced that it has signed a Definitive agreement to acquire BenefitMall, the nation’s largest insurance brokerage benefits wholesale general agency, funds managed by global investment firm Carlyle (NASDAQ: CG). The transaction will add approximately $150 million of annual revenue to the wholesale division of Truist Insurance Holdings. Financial terms were not disclosed. The transaction is expected to close in the third quarter of 2022, subject to the satisfaction of customary closing conditions.

“As Truist Insurance Holdings celebrates its centennial, investing in our insurance capabilities and offerings continues to be a top priority,” said Truist President and CEO. Bill Roger. “This acquisition of BenefitMall allows us to further diversify the solutions we offer our customers and create an enhanced customer experience, which is central to our goal to inspire and build better lives and communities.”

BenefitMall has been serving customers for over 40 years, providing medical, dental, life insurance, vision and long-term care benefits solutions. Through its network of approximately 20,000 retail brokers, the company provides employee benefits to more than 140,000 small and medium businesses across the country, leveraging a combination of innovative technology and human expertise to deliver a seamless benefit selling experience to its carriers, brokers and their customers.

BenefitMall will be merged with CRC Group, a leading national distributor of specialty insurance products.

“We are delighted to welcome BenefitMall customers to Truist and have their team join our CRC Group organization,” said Truist’s Chief Insurance Officer. John Howard. “Through this acquisition, CRC Group will provide the widest selection of products and services available from a wholesale broker today. Whether it is property and casualty insurance, life insurance, annuities and long-term care or now benefits, CRC Group’s national network of specialists are all focused on one goal: to ensure the success of our partner retail agencies.”

“As the largest general health benefits agent in the United States, we are deeply committed to the role we play as a mission-critical partner to our broker and carrier partners,” said the CEO of BenefitMall. Scott Kirksey. “We are proud of the growth we have achieved through our partnership with Carlyle and look forward to the exciting opportunity ahead of us to continue to deliver the fastest, most efficient benefits sales experience. simple and the most reliable within the Truist team.”

“Since we began investing in the business in 2017, BenefitMall has achieved significant growth with a focus on enabling broker technology and investing in human capital, in addition to successfully achieving more than eight strategic acquisitions to transform into a market-leading wholesale employee benefits company,” said James Burer, managing director of the financial services team at Carlyle. “We are proud of our partnership with Scott and the entire BenefitMall team and are grateful to have played a part in their success over the past few years.”

RBC Capital Markets and Truist Securities acted as financial advisors, and Willkie Farr & Gallagher LLP acted as legal counsel to Truist Insurance Holdings in connection with this transaction. Waller Helms Advisors and Barclays served as financial advisors, and Wachtell, Lipton, Rosen & Katz served as legal advisors to Carlyle in this transaction. Jones Day served as legal counsel to BenefitMall in this transaction.

About Truist Insurance Holdings
Truist Insurance Holdings, Inc., the sixth largest insurance broker in the United States and seventh in the world, is a subsidiary of Truist Financial Corporation (NYSE: TFC). Based in Charlotte, North Carolina, Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its insurance services companies (AFCO Credit Corporation, CAFO Inc. and Kensington Vanguard Land Services, LLC). To learn more, visit www.truistassurance.com.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business lines: Global Private Equity, Global Credit and Global Investment Solutions. With $376 billion of assets under management at June 30, 2022, Carlyle’s goal is to invest wisely and create value on behalf of its investors, the companies in its portfolio and the communities in which they live and invest. Carlyle employs more than 1,900 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on
Twitter @OneCarlyle.

Forward-looking statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of Truist Financial Corporation or its subsidiaries (collectively, “Truist”). Words such as “expects”, “believes”, “estimates”, “expects”, “anticipates”, “intends”, “opportunity”, “plans”, “projects”, “could” , “may”, “should”, “”will” or other similar words or expressions are intended to identify such forward-looking statements. These forward-looking statements are based on Truist’s current expectations and assumptions regarding Truist’s business, economic and other future conditions. Because forward-looking statements relate to future results and events, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Many possible events or factors could affect the future financial results and performance of Truist and could cause actual results or performance to differ materially from anticipated results or performance.Except to the extent required by applicable law or regulation, Tr uist undertakes no obligation to update these factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding Truist and factors that could affect the forward-looking statements contained herein is available in Truist’s Annual Report on Form 10-K for the fiscal year ended. December 31, 2021as updated by its quarterly reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

SOURCE Truist Financial Corporation

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