Truist Insurance Holdings Acquires Constellation Affiliated Partners

May 27, 2021

Willkie represented Truist in the transaction.

On May 24, Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation, announced it has signed a definitive agreement to acquire Constellation Affiliated Partners, an insurance distribution platform operating seven managing general agents (MGAs) and program managers, from RedBird Capital Partners. The transaction will add approximately $160 million of annual revenue to Truist Insurance Holdings' wholesale division.

Constellation Affiliated Partners will be combined into Truist Insurance Holdings' CRC Group, a leading national wholesale distributor of specialty insurance products. Constellation Affiliated Partners was formed by RedBird Capital Partners in 2019 and has four core specialty markets, including contractors' general liability, transportation, condominium/homeowners associations, and professional liability.

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 (NYSE: TFC). 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 Premium Finance companies (AFCO Credit Corporation, Prime Rate Premium Finance Corporation, Inc., and CAFO Inc.).

The Willkie team was led by partners Gregory Astrachan, Sean Ewen and Laura Acker, and included partners Jordan Messinger, Christopher Peters and Allison Tam.