Truist expects the acquisition, whose financial details were undisclosed, to bring nearly $150m in annual revenue to its wholesale division.
BenefitMall has over four decades of experience in providing medical, vision, dental, life, and long-term care benefits solutions.
It caters to more than 140,000 small and medium-sized businesses across the country via its network of around 20,000 retail brokers.
BenefitMall will be merged into CRC Group, which distributes speciality insurance products across the country.
Truist chief insurance officer John Howard said: “With this acquisition, CRC Group will provide the broadest selection of products and services available from a wholesale broker today. Whether it is property and casualty; life, annuity and long-term care; or now employee benefits, CRC Group’s nationwide network of specialists are all focused on one goal – delivering success for our retail agency partners.”
A unit of Truist Financial Corporation, Truist Insurance Holdings runs over 240 offices through its subsidiaries including McGriff Insurance Services, CRC Insurance Services and Crump Life Insurance Services, among others.
Truist chairman and CEO Bill Rogers said: “This acquisition of BenefitMall enables us to further diversify the solutions we offer to our clients and create an enhanced client experience, which is at the core of our purpose to inspire and build better lives and communities.”
BenefitMall CEO Scott Kirksey said: “We are proud of the growth we have achieved through our partnership with Carlyle and look forward to the exciting opportunity ahead to continue to deliver the fastest, easiest and most trusted benefits selling experience as part of the Truist team.”
The deal is scheduled to complete in the third quarter of 2022, subject to the fulfilment of customary closing conditions.