Truist Insurance Holdings further enhances premium finance business with acquisition of BankDirect Capital Finance – PR Newswire

B

Searching for your content…
In-Language News
Contact Us
888-776-0942
from 8 AM – 10 PM ET
News provided by
Sep 06, 2022, 08:00 ET
Share this article
CHARLOTTE, N.C., Sept. 6, 2022 Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation ( NYSE: TFC) and the sixth-largest insurance brokerage in the U.S., announced today that it has signed a definitive agreement to acquire BankDirect Capital Finance, a nationwide premium finance company, from Texas Capital Bancshares, Inc. (NASDAQ: TCBI).
After the closing, BankDirect will operate as a division of AFCO Credit Corporation, Truist Insurance Holdings’ existing premium finance operation in the U.S.
The transaction will add over $3 billion in loans to Truist Insurance Holdings’ premium finance business—which also includes CAFO Inc., its Canadian operation—while broadening its business into the life insurance arena. The transaction is expected to close in the fourth quarter of 2022, subject to satisfaction of customary closing conditions.
“This strategic investment increases the breadth of our insurance capabilities and demonstrates our continued commitment to the growth of Truist Insurance Holdings,” said Truist Chairman and CEO Bill Rogers. “The addition of BankDirect expands our team, further diversifies the risk management solutions we can provide our clients and creates new opportunities to fulfill our purpose to inspire and build better lives and communities.”
BankDirect Capital Finance was founded in 2005 and has grown through four acquisitions in the past 17 years. The company has a balanced portfolio of both property & casualty and life insurance products across a diversified national geographic footprint. With 122 employees, BankDirect operates in five offices across the U.S.
“BankDirect brings a strong track record of growth and success in the premium finance business, much like what we’ve achieved with our AFCO and CAFO organizations,” said Truist Chief Insurance Officer John Howard. “With this acquisition, we’ll extend our business into life insurance, a growing market for premium finance, as well as broaden our geographic reach, particularly on the West Coast. BankDirect’s focus on technology and digitization to enhance client experience also mirrors our strategic initiatives at Truist Insurance Holdings, further demonstrating how well our operations are aligned. All in all, this is a key acquisition for our premium finance business, and we’re excited to welcome BankDirect clients and employees to Truist.”
RBC Capital Markets and Truist Securities served as financial advisors, and Willkie Farr & Gallagher LLP served as legal counsel to Truist Insurance Holdings in this transaction. Morgan Stanley & Co. LLC and Texas Capital Securities served as financial advisors, and Cravath, Swaine & Moore served as legal counsel to Texas Capital Bancshares in this transaction.
About Truist Insurance Holdings
Truist Insurance Holdings, Inc., the sixth-largest insurance broker in the U.S. and seventh-largest in the world, is a subsidiary of Truist Financial Corporation ( NYSE: TFC). Headquartered in Charlotte, NC, 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.truistinsurance.com.
About AFCO
As a pioneering leader in premium finance for more than 65 years, AFCO Credit Corporation works with insurance agents to provide customized premium finance solutions to insureds, with the objective of improving cash flow and working capital. AFCO is transforming its business to a digitized, dual premium collection and financing product powered by new digital portals designed to simplify the way its clients do premium financing and to improve the overall client experience.
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 “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “opportunity,” “plans,” “projects,” “could,” “may,” “should,” “will” or other similar words or expressions are intended to identify these forward-looking statements. These forward-looking statements are based on Truist’s current expectations and assumptions regarding Truist’s businesses, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Many possible events or factors could affect Truist’s future financial results and performance 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, Truist disclaims any obligation to update such 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 which could affect the forward-looking statements contained herein can be found in Truist’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as updated by its Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.
SOURCE Truist Financial Corporation
More news releases in similar topics
Cision Distribution 888-776-0942
from 8 AM – 9 PM ET

source

🤞 Don’t miss these tips!

We don’t spam! Read more in our [link]privacy policy[/link]

close

Don’t miss these tips!

We don’t spam! Read our [link]privacy policy[/link] for more info.


    Leave a comment
    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    H
    Hemant Malhotra
    Tata Capital Personal Loan
    March 2, 2021
    Save
    Tata Capital Personal Loan
    H
    Hemant Malhotra
    7 METHOD WHICH AN EMI CALCULATOR AID YOU STRATEGY YOUR FINANCE
    March 25, 2021
    Save
    7 METHOD WHICH AN EMI CALCULATOR AID YOU STRATEGY YOUR FINANCE
    H
    Hemant Malhotra
    Secured credit card- Repair CIBIL score
    March 15, 2017
    Save
    Secured credit card- Repair CIBIL score
    Sponsored
    Sponsored Pix
    Subscribe to Our Newsletter

    Don’t miss these tips!

    We don’t spam! Read our [link]privacy policy[/link] for more info.