Truist Financial Corporation unit Truist Insurance Holdings has finalised the purchase of US-based title insurance agency Kensington Vanguard National Land Services (KV).
Financial terms of the deal were undisclosed.
Truist’s existing title and settlement services business, BridgeTrust Title, will now run under the KV brand.
The combined entity is said to be one of the US’ largest real estate service agencies.
KV co-CEOs Brian Cooper and Jarett Fein will spearhead the merged group.
Additionally, Truist Insurance Holdings launched a new Insurance Services Division.
This will include the combined KV business as well as Truist’s Premium Finance business. The latter is marketed through the CAFO brand in Canada and AFCO brand in the US.
The new unit will report to Insurance Holdings business development and strategy executive vice-president Todd Wartchow.
Truist Financial Corporation chairman and CEO John Howard said: “At Truist Insurance Holdings, we serve our clients across a broad and diversified portfolio of businesses, augmented with value-added services like real estate transaction support and premium financing.
“We’re excited about how our expanded title insurance business and our new division allow us to deliver on our purpose of inspiring and building better lives and communities.”
Truist Insurance Holdings, through its subsidiaries, operates over 240 offices.
Its subsidiaries include McGriff Insurance Services; CRC Insurance Services; Crump Life Insurance Services; AmRisc; and its Premium Finance companies (AFCO Credit Corporation and CAFO).
With a workforce of 400, Kensington Vanguard National Land Services is engaged in providing commercial and residential title insurance, settlement, escrow and 1031 exchange services.