TRUIST TO ACQUIRE CONSTELLATION MGA PLATFORM

Truist Insurance, a subsidiary of Truist Financial Corp, has signed a definitive agreement with RedBird Capital Partners to acquire Constellation Affiliated Partners, a distribution platform for managing general agents (MGA). On completion, Constellation will be combined with Truist Insurance’s wholesale specialty insurance distributor CRC Group. Constellation Affiliated Partners, which was formed by RedBird in 2019 and has grown rapidly through acquisitions, operates seven MGAs and program managers. Its four core specialty markets include contractors' general liability, transportation, residential associations, and professional liability. The transaction will add approximately $160m of annual revenue to Truist Insurance' wholesale division. Financial terms were not disclosed.