Truist Financial in Talks to Sell Insurance Business to Private Equity Firm Stone Point

Truist Financial Corp (NYSE:) is in talks to sell its insurance brokerage business to private equity firm Stone Point for approximately $10 billion, according to a Semafor report released Tuesday.

The publication said sources familiar with the matter said Stone Point bought 20 percent of the company earlier this year and is now in talks to acquire the rest.

In February, the Stone Group reportedly took a 20% stake in the company, with the deal including funds from Emirati sovereign wealth fund Mubadala. The deal valued Truist’s insurance business at $14.5 billion. However, it is unclear whether the deal for the rest of the company would include other investors.

The decision to sell is one of the first consequences of the new stricter regulations.

Talks are reportedly ongoing, and the deal could depend on Stone Point’s ability to “find enough debt in a market that has been cautious about buyout loans,” Semafor said.