Truist Insurance Holdings to Acquire BankDirect Capital Finance

September 6, 2022

Willkie advised Truist on the approximately $3.4 billion transaction.

On September 6, Willkie client Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation, announced that it signed a definitive agreement to acquire BankDirect Capital Finance, a nationwide premium finance company, from Texas Capital Bancshares, Inc. for approximately $3.4 billion.

After the closing, BankDirect will operate as a division of AFCO Credit Corporation, Truist Insurance Holdings' existing premium finance operation in the U.S.

The transaction will add over $3 billion in loans to Truist Insurance Holdings' premium finance business while broadening its business into the life insurance arena.

BankDirect Capital Finance, founded in 2005, has a balanced portfolio of both property & casualty and life insurance products and operates in five offices across the U.S.

Truist Insurance Holdings, the sixth-largest insurance brokerage in the U.S., 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 Insurance Services companies (AFCO Credit Corporation, CAFO Inc., and Kensington Vanguard Land Services, LLC).

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

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