RTTNews | May 24, 2021 07:47AM EDT

07:47 Monday, May 24, 2021 (RTTNews.com) - Insurance broker Truist Insurance Holdings, Inc., an indirect subsidiary of Truist Financial Corp. (TFC), announced Monday that it has signed a definitive agreement with RedBird Capital Partners to acquire Constellation Affiliated Partners, an insurance distribution platform operating seven managing general agents (MGAs) and program managers. Financial terms were not disclosed.

The transaction will add approximately $160 million of annual revenue to Truist Insurance Holdings' wholesale division. The acquisition will also help Truist expand its insurance business and enable it to continue diversifying its revenue and providing expansive insurance solutions to its clients.

Constellation Affiliated Partners was formed by RedBird Capital Partners in 2019 and has grown rapidly through a series of strategic acquisitions. Its four core specialty markets are contractors' general liability, transportation, condominium/homeowners associations, and professional liability.

Constellation Affiliated Partners will be combined into Truist Insurance Holdings' CRC Group, a leading national wholesale distributor of specialty insurance products.

Read the original article on RTTNews ( https://www.rttnews.com/3196959/truist-insurance-to-buy-constellation-affiliated-partners-from-redbird-capital-quick-facts.aspx)

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