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Charlotte, NC, September 6, 2022 Trust Insurance Holdings, Inc. vs. Texas Capital Bancshares, Inc. (NASDAQ: TCBI).
Following the closing, BankDirect will operate as AFCO Credit Corporation, a division of Trust Insurance Holdings’ premium finance operations in the US.
The transaction will increase 3 billion dollars Credit to Trust Insurance Holdings’ premium financial business—including its Canadian operations, including CAFO Inc.—as it expands its business into the life insurance platform. The transaction is expected to close in the fourth quarter of 2022, subject to the satisfaction of customary closing conditions.
“This strategic investment increases the breadth of our insurance capabilities and demonstrates our commitment to the growth of Truist Insurance Holdings,” said Truist’s chairman and CEO. Bill Rogers. “The addition of Bank Direct expands our team, further expands the risk management solutions we can offer our clients and creates new opportunities to achieve our mission to inspire and build better lives and communities.”
BankDirect Capital Finance was founded in 2005 and has grown through four acquisitions over the past 17 years. The company has a balanced portfolio of both property and casualty and life insurance products across various national geographic footprints. With 122 employees, BankDirect operates in five offices throughout the US
“BankDirect brings a strong track record of growth and success in the premium finance business, similar to what we have achieved with our AFCO and CAFO companies,” said Trust’s Chief Insurance Officer. John Howard. “With this acquisition, we expand our business into life insurance, a growing premium financial market, and also expand our geographic reach, particularly on the West Coast. BankDirect’s focus on technology and digitization reflects our strategic strategy to enhance the customer experience. The initiatives at Truist Insurance Holdings demonstrate how aligned our operations are.” Overall, this is a key acquisition for our core finance business, and we are excited to welcome BankDirect customers and employees to the Trust.
RBC Capital Markets and Truist Securities served as financial advisors, and Wilkie Farr & Gallagher LLP acted as legal counsel to Truist Insurance Holdings in this transaction. Morgan Stanley & Company LLC and Texas Capital Securities served as financial advisors, and Cravath, Swain & Moore served as legal counsel to Texas Capital Banshares in this transaction.
About Truist Insurance Holdings
Trust Insurance Holdings, Inc. Headquartered in Charlotte, NC, Trust Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and insurance services companies (AFCO Credit Corporation, CAFO Inc. and Kensington Vanguard Land Services, LLC). To learn more, visit www.truistinsurance.com.
About AFCO
As a pioneer in premium financing for more than 65 years, AFCO Credit Corporation partners with insurance agents to provide premium financing solutions tailored to insurers, with the goal of improving cash flow and working capital. AFCO is transitioning to a digital, dual premium collection and financing product with new digital portals designed to simplify the way customers finance their premiums and improve the overall customer experience.
Forward-looking statements
This relationship Contains “forward-looking statements” within the meaning of the Private Securities Litigation Amendment Act of 1995 regarding the financial condition, operations, business plans and future performance of Trust Financial Corporation or its affiliates (collectively, “Trust”). Words such as “estimates”, “estimates”, “estimates”, “expects”, “forecasts”, “intends”, “likely”, “plans”, “projects”, “may”, “could”, “may”, “will” or other similar words or expressions are intended. To identify these forward-looking statements. These forward-looking statements are based on Truist’s current expectations and assumptions regarding Truist’s business, the economy and other future conditions. Forward-looking statements relate to future results and events, and are subject to natural uncertainties, risks and changes in circumstances that are difficult to predict. are exposed to. Many possible events or factors could affect Truist’s future financial results and performance and actual results or performance could differ materially from anticipated results or performance. Except to the extent required by applicable law or regulation, Trust hereby reserves the right to update these conditions or to reflect future events or developments. disclaims any obligation to publicly announce the results of any revisions to any forward-looking statements contained in. Additional information about the Trust and matters that may affect the forward-looking statements contained herein can be found in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021As amended in its quarterly reports on Form 10-Q and other filings with the Securities and Exchange Commission.
Source Truist Financial Corporation
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