Willkie represented Truist in the transaction.
On December 7, Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation, announced the acquisition of Wellington Risk Holdings, Inc., an industry-leading 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 and unique pricing flexibility, resulting in competitive products and superior underwriting performance.
Wellington will retain its name and will join forces with AmRisc, Truist Insurance Holdings' MGA that underwrites catastrophe and specialty insurance for commercial property.
Truist Insurance Holdings, Inc., the sixth largest insurance broker in the U.S. and seventh largest in the world, is an indirect subsidiary of Truist Financial Corporation. Truist Insurance Holdings operates more than 250 offices through its subsidiaries.
The Willkie team was led by partners Gregory Astrachan and Sean Ewen and included partners Laura Acker, Michael Katz, Christopher Peters and Alison Tam.