Truist in talks to sell insurance business for $10 billion

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Truist in talks to sell insurance business for $10 billion


© Reuters.

(Reuters) – Truist Financial (NYSE:) Corp is in talks to sell its insurance brokerage unit to private equity firm Stone Point for about $10 billion, news website Semafor reported on Monday.

In February, Truist sold a 20% stake in its $14.75 billion insurance unit to Stone Point. The move followed a year in which the commercial and investment bank’s profit dropped.

The talks are ongoing, the report said, citing people familiar with the matter. It added that a deal may hinge on Stone Point’s ability to scrounge up enough debt.

Truist, its unit Truist Insurance Holdings and Stone Point did not immediately respond to Reuters’ request for comment.



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