Scale is critical to remain competitive in our rapidly changing industry, and through this partnership, we will benefit from Stone Point's and CD&R's expertise in financial services, proven track records of transformative value creation and the significant capital support from two leading financial sponsors, Scale is critical to remain competitive in our rapidly changing industry, and through this partnership, we will benefit from Stone Point's and CD&R's expertise in financial services, proven track records of transformative value creation and the significant capital support from two leading financial sponsors," John Howard, Truist Insurance chairman and CEO, said in a release. Credit: Yingyaipumi/Adobe Stock

Truist Financial Corp. is selling its remaining 80% stake in Truist Insurance Holdings LLC, the fifth largest insurance broker in the U.S., to a private equity-led management group helmed by Clayton, Dubilier & Rice (CD&R) and Stone Point Capital, the selling firm reported.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]