May 7, 2024: Truist completes sale of Truist Insurance Holdings and executes strategic balance sheet repositioning. New owners are private equity firms, Stone Point Capital, Clayton, Dubilier & Rice, Mubadala Investment Company and other co-investors.
September 30, 2024: TIH owners shown above dispose of McGriff, presumably for a higher multiple than the TIH transaction.
??? 2025: TFC shareholder revolt?
The sale of TIH pretty much seals the fate of TFC next financial crisis.
I never understood why Truist when formed didn’t spin off insurance with an IPO it just seemed smart. Then BillyBob sc--wed everything else up so bad he had to have the money for capital.
Bill and others get bonuses for sale of one of Truist's better assets, TIH. You know, the business unit that Uncle Kelly spent years growing and touting as a fantastic way to get non-interest income. The McGriff sale shows shareholders didn't get the value they should have. The Board of Directors is terrible.