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The Charlotte, North Carolina, company has agreed to sell its remaining 80% stake in its insurance brokerage unit to raise billions of dollars in cash and extra capital. The "wild card" is how Truist will deploy them, one analyst says.
February 20 -
Banks' sales of insurance agencies for eye-popping multiples emerged as one 2023's notable trends. Though the bandwagon shows no sign of slowing, several prominent community banks appear to be holding on to their insurance operations.
December 29 -
Banks large and small are selling some or all of their insurance subsidiaries, enticed by the high prices they're being offered. Here's a rundown of the deals that were struck in 2023.
December 22 -
Integrating artificial intelligence into the world of banking and finance must be a cooperative effort between the industry and regulators. It's important that the discussions start now.
December 12The Pedowitz Group -
The Pennsylvania bank has agreed to sell its Exchange Underwriters subsidiary to World Insurance Associates for $30.5 million, saying that the deal will help pad its capital and liquidity.
December 4 -
Synchrony Financial bought Pets Best ahead of a pandemic-driven surge in the pet insurance business. Now it's selling the subsidiary for a $750 million after-tax gain.
November 29 -
Arthur J. Gallagher & Co. has been a prolific acquirer, purchasing the insurance brokerages from multiple banks over the last year. Its management has indicated it has another $3.5 billion that it can use for more deals.
November 26 -
The market could find out next year how well foreclosure prevention innovations and home equity protect borrowers from growing strains on affordability.
November 10 -
Proceeds from the sale provide the bank with "flexibility to evaluate and pursue various strategic initiatives to redeploy capital in support of our core banking business," Evans CEO David Nasca said.
November 8 -
The Southeast regional bank plans to use the deal's sizable proceeds to pay down wholesale borrowings and restructure its securities portfolio. Numerous banks have made similar moves in recent months.
October 24