August 8, 2022

Willkie advised Truist on the transaction.

On August 8, Willkie client Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation, announced that it signed a definitive agreement to acquire BenefitMall, the nation's largest benefits wholesale general agency, from funds managed by global investment firm Carlyle.

BenefitMall has been serving clients for over 40 years, providing medical, dental, life, vision and long-term care benefits solutions. Through its network of approximately 20,000 retail brokers, the company provides employee benefits to more than 140,000 small and medium-sized businesses across the country.

The transaction will add approximately $150 million of annual revenue to Truist Insurance Holdings' wholesale division. BenefitMall will be combined into Truist Insurance Holding’s subsidiary CRC Group, a leading national wholesale distributor of specialty insurance products.

Headquartered in Charlotte, NC, Truist Insurance Holdings is the sixth-largest insurance brokerage in the U.S., operating more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its Insurance Services companies (AFCO Credit Corporation, CAFO Inc., and Kensington Vanguard Land Services, LLC).

Willkie previously advised Truist Insurance Holdings in its acquisitions of Constellation Affiliated Partners and Wellington Risk Holdings, Inc.

The Willkie team was led by partners Gregory Astrachan, Sean Ewen and Tej Prakash and included partners Christopher Peters and Jordan Messinger.