Business Moves

National

Stone Point, Truist Insurance

Truist has agreed to sell a 20% stake in its insurance brokerage business to private equity firm Stone Point Capital for $1.95 billion.

Mubadala Investment Co. and other co-investors are participating with Stone Point in the investment into Truist Insurance Holdings, the sixth-largest insurance broker in the U.S., valued at $14.75 billion.

Truist Insurance Holdings operates more than 250 offices through its wholesale, retail, and insurance services divisions. Its insurance units include McGriff Insurance Services; CRC Insurance Services; Crump Life Insurance Services; AmRisc; and premium finance companies AFCO Credit, Prime Rate Premium Finance and CAFO.

The transaction is expected to close in the second quarter. At closing, a five-person board will be formed to oversee Truist Insurance Holdings, made up of four members appointed by Truist and one member appointed by Stone Point.

Truist said the deal gives it “strategic flexibility” and the broker business can use Stone Point’s insurance industry expertise to accelerate growth. Truist said it will preserve and enhance its client service approach to offering leading insurance products to its banking clients.

East

World Insurance, Durfee Buffinton

National insurance broker World Insurance Associates acquired the business of Durfee Buffinton Insurance Agency Inc. of Fall River, Massachusetts.

Durfee Buffinton provides personal and business insurance in the New England region. The agency has roots that date back almost 100 years. The business now is run by third generation Brown family members, led by president Walter A. Brown III.

World Insurance Associates is headquartered in Iselin, New Jersey.

South Central

Hub International Limited, Dwight W. Andrus Insurance

Hub International Limited has acquired the assets of Dwight W. Andrus Insurance Inc., Dwight Andrus & Richard Insurance, Inc., and DAI Shreve LLC (Dwight Andrus Insurance). Terms of the transaction were not disclosed.

Dwight Andrus Insurance is headquartered in Lafayette, Louisiana, with six additional locations in the state. For more than 75 years, Dwight Andrus Insurance has provided commercial insurance, surety and bonding, captive and alternative risk insurance, personal insurance, and employee benefits.

Dwight Andrus Insurance leadership, including Dwight Andrus IV, Dwight Andrus III, David Andrus, and Charlie Babineaux, and the Dwight Andrus Insurance team will join Hub Gulf South.

XPT Specialty, Craigh & Leicht

XPT Specialty acquired Texas-based wholesale agency Craig & Leicht. Founded by Amy Leicht-Craig and Matt Leicht, Craig & Leicht has earned a strong reputation for their multi-faceted experience in a wide variety of industries, specializing in contractors, retail, and habitational risks.

Operations for Craig & Leicht will continue from their Houston location, with clients receiving the same service and benefits as before with added access to XPT’s wide selection of high-quality products, programs and carriers.

Southeast

SterlingRisk, Worldwide Insurance

New York-based SterlingRisk, a privately held insurance broker, has acquired Worldwide Insurance Group, headquartered in Coral Gables, Florida.

Worldwide’s founder and president, Anthony Ruidiaz, will become managing director of SterlingRisk of Florida, and is now a partner in SterlingRisk. The merger creates a full-service commercial insurance practice, including real estate development, construction, environmental, aviation, benefits, manufacturing and wholesale distribution.

Ruidiaz began his career in yacht insurance in south Florida, then branched out to provide tailored insurance programs for affluent clients.

SterlingRisk also operates an aviation practice group in Destin, Florida.

West

ALKEME, ACW Group

ALKEME acquired the ACW Group, headquartered in Honolulu, Hawaii.

ACW Group also has California offices in San Francisco and La Quinta. It was established in 2009 by Russell Akamine, Kirk Christman and Jeffrey Wall, and has 20 licensed agents focused on services for restaurants, artisan contractors, attorneys, condo associations, security guards and property managers. ACW offers commercial lines, personal lines, benefits and financial services.

Ladera Ranch, California-based ALKEME is backed by GCP Capital Partners. Its services include property/casualty, benefits, surety, risk and wealth management.