US bank Truist Financial is on the verge of selling a majority stake in its insurance brokerage business, Truist Insurance Holdings, to private equity firms Stone Point Capital and Clayton Dubilier & Rice, reported Bloomberg, citing sources.   

The deal, which could be announced shortly, is said to value the asset at around $15bn.  

However, while talks are in the final stages, there is still a possibility they may be postponed or fall through. 

In October 2023, it was reported that Truist was in discussions to sell Truist Insurance Holdings to Stone Point Capital for an estimated $10bn.  

This followed a June 2023 stress test by the US Federal Reserve Board, which identified Truist as one of the banks with a lower stressed capital level.  

As per the earlier report, the potential sale appears to be a response to new, more stringent regulations designed to prevent further bank failures. 

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Earlier in April 2023, Stone Point Capital acquired a 20% stake in Truist Insurance Holdings for $1.95bn, valuing the insurance subsidiary at around $14.75bn. 

Truist stated that this transaction allowed it to maintain strategic flexibility and future upside in Truist Insurance Holdings.  

After divesting the minority stake, Truist currently holds an 80% stake in the insurance brokerage.  

Truist Insurance Holdings is the sixth-largest insurance broker in the US and the seventh-largest globally.  

The company, headquartered in Charlotte, North Carolina, operates more than 250 offices across its wholesale, retail and insurance services divisions.