Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation (NYSE: TFC) and the sixth-largest insurance brokerage in the U.S., announced today that it has signed a definitive agreement to acquire BenefitMall, the nation’s largest benefits wholesale general agency, from funds managed by global investment firm Carlyle (NASDAQ: CG). The transaction will add approximately $150 million of annual revenue to Truist Insurance Holdings’ wholesale division. Financial terms were not disclosed. The transaction is expected to close in the third quarter of 2022, subject to satisfaction of customary closing conditions.
BenefitMall has been serving clients for over 40 years, providing medical, dental, life, vision and long-term care benefits solutions. Through its network of approximately 20,000 retail brokers, the company provides employee benefits to more than 140,000 small and medium-sized businesses across the country, leveraging a combination of innovative technology and human expertise to deliver a seamless benefits selling experience for its carriers, brokers and their clients.
BenefitMall will be combined into CRC Group, a leading national wholesale distributor of specialty insurance products.
Waller Helms Advisors served as financial advisor to Carlyle and BenefitMall.