Commercial banking

Offices, apartment buildings and retail locations in Los Angeles face a tangle of difficulties as the smoke clears from January's wildfires. High on the list is inadequate insurance, a common problem in California.

The legendary investor expressed his inclination for equities even after selling large chunks of Berkshire Hathaway's investments in three major banks. "That preference won't change," Buffett wrote in his annual letter to shareholders.

The military-focused company, which operates an insurer and a $111.7 billion-asset bank, has tangled with regulators during Wayne Peacock's tenure. He will retire in the first half of 2025.

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.

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.