Charlotte, N.C.-based Truist Insurance Holdings reported that it will complete five insurance acquisitions this quarter, adding more than $100 million of combined annual revenue to its wholesale division.
The most recent of these transactions is the acquisition of Wellington Risk Holdings, Inc., an insurtech that operates as a managing general agent (MGA) in the admitted residential property markets, with a strong presence in Texas. Wellington has developed a virtual marketplace offering that includes an easy-to-use agent portal for placing residential property insurance business.
“The acquisition of Wellington provides a terrific opportunity to further build our business and reflects the importance we place on innovation,” said John Howard, chairman and CEO of Truist Insurance Holdings. He said Truist seeks to expand Wellington’s business beyond its current residential property footprint.
Wellington Risk Insurance Agency underwrites and administers residential property insurance for carriers including Agricultural Workers Mutual, Aventus, Incline Casualty, Palomar Specialty, State National, Transverse, Trisura Insurance and Trisura Specialty.
Wellington will retain its name and will join forces with AmRisc, Truist’s MGA that underwrites catastrophe and specialty insurance for commercial property.
The insurance firm, a subsidiary of Truist Financial Corp. has already closed on three transactions this quarter: W. Brown & Associates Property & Casualty, an Irvine, California-based surplus lines broker and MGA; Specialty Risk Associates, a Shreveport, Louisiana-based surplus lines broker and MGA; and Program Insurance Management of Sarasota, a Sarasota, Florida-based managing general underwriter with specialized programs for industrial chemical manufacturers and distributors.
In addition to Wellington, Truist Insurance Holdings said it expects to close a transaction with Fidelis Group Holdings, a Covington, Louisiana-based provider of specialty insurance products for the marine and cargo industries, by year end.
Truist Insurance Holdings, formerly BB&T Insurance Holdings, operates more than 250 offices through its subsidiaries: McGriff (comprising McGriff Insurance Services and McGriff, Seibels & Williams); CRC Insurance Services; Crump Life Insurance Services; AmRisc; and its Premium Finance companies (AFCO Credit Corp., Prime Rate Premium Finance Corp., and CAFO).
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