Tuesday, March 7, 2023 – 11:16 am
ABU DHABI, 7th March, 2020 (WAM) — Mubadala Investment Company announced that it has entered into a partnership with Stone Point Capital, a leading private investment company focused on global financial services, along with other investors, to purchase a 20% stake, at a value of $1.95 billion. , at Trust Insurance Holdings Inc., a subsidiary of Trust Financial Corporation (“Truist”; NYSE: TFC).
Trust Insurance Holdings, headquartered in Charlotte, North Carolina, is the sixth largest insurance company in the United States and has more than 240 offices through its subsidiaries.
The transaction represents a total value of $14.75 billion for Trust Insurance Holdings. Upon its completion, which is expected to take place during the second quarter of this year 2023, Troist will own 80% of Troist Insurance Holdings, which will remain an important shareholder of Troist and its shareholders.
On this occasion, Luca Molinari, Head of the Financial Services Unit at Mubadala, said: “Trust Insurance Holdings enjoys a high attractiveness and a leading position in the insurance distribution market in the United States, and it has continued to achieve strong financial performance. We are pleased to cooperate with “Stone Point” and “Trust”. And the management team of “Trust Insurance Holdings” in order to drive the growth of this company.
Dina Omar / Ahmed Al Nuaimi
