Mubadala, Stone Point to buy 20% stake in Truist unit

Mubadala Investment Company announced that it has partnered with primary investor Stone Point Capital, a private equity firm focused on the global financial services industry, alongside other co-investors, to purchase a 20% stake for $1.95 billion in Truist Insurance Holdings, a subsidiary of Truist Financial Corporation.

Based in Charlotte, North Carolina, Truist Insurance Holdings is the sixth-largest insurance broker in the US and operates more than 240 offices through its subsidiaries.

The transaction represents an aggregate value of $14.75 billion for Truist Insurance Holdings. Upon closing of the investment, expected in Q2 2023, Truist will own 80% of Truist Insurance Holdings, which will continue to be an important contributor for Truist and its shareholders.

“Truist Insurance Holdings is a very attractive business with a leadership position in US insurance distribution and has generated a consistently strong financial performance,” said Luca Molinari, Head of Financial Services at Mubadala. “We are excited to partner with Stone Point, Truist and the management team of Truist Insurance Holdings to enable the business to accelerate in its growth trajectory.”

Meanwhile Investopia, the global investment platform launched by the UAE Government, and Mubadala announced a strategic partnership focused on Investopia’s second annual event, which will took place recently in Abu Dhabi, under the theme “Envisioning Opportunities in Times of Change”. This strategic partnership build on the successful participation of Khaldoon Al Mubarak, Managing Director and Group CEO of Mubadala, as a key speaker in the inaugural edition of Investopia in February 2022.

Mubadala and its portfolio companies will expand their participation across the different activities taking place during Investopia. This will include the participation of Mubadala’s senior leadership in the programme, Mubadala’s engagement in the various activities targeting start-ups and the VC (venture capital) ecosystem, as well as a participation in the Capital Introduction activity that will be hosted at Investopia in partnership with iConnections, a leading financial technology platform for alternative investors.