Truist to acquire Constellation Affiliated Partners

Charlotte, NC-based Truist Insurance Holdings announced is set to acquire Constellation Affiliated Partners, an insurance distribution platform operating seven managing general agents (MGAs) and program managers, from RedBird Capital Partners. Financial terms were not disclosed.

The transaction will add approximately $160 million of annual revenue to Truist Insurance Holdings’ wholesale division.

Constellation Affiliated Partners was formed by RedBird Capital Partners in 2019 and has grown through a series of strategic acquisitions. Its four core specialty markets, including contractors’ general liability, transportation, condominium/homeowners associations, and professional liability are examples of these expanded capabilities.

Constellation Affiliated Partners will be combined into Truist Insurance Holdings’ CRC Group, a national wholesale distributor of specialty insurance products.

“Expanding our insurance business remains a key priority for Truist as we continually look for ways to enhance our offerings and introduce new clients to Truist. This acquisition enables us to continue diversifying our revenue and provide expansive insurance solutions to our clients—while ultimately helping us fulfill our purpose to build better lives and communities.” – Kelly S. King, Chairman and CEO of Truist Financial Corporation.

Bottom Line: INSUREtrust comes to mind.