Truist
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The broker touted new business growth of 12.8%, improved cross-selling and stable rates at 7% from Q4.
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Truist open to M&A opportunities in the coming year.
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The intermediary said that rate increases were “comparable or slightly up” versus prior periods in Q1.
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The broker’s 5% organic growth was flattish versus Q3 but management’s tone pointed to more bullishness on the operating environment and the economy.
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Standard carriers are pushing risk to the wholesale market, said banking and insurance head Henson.
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Net profits grew 67% over the quarter to $99mn, as brokerage unit expanded margins by 390 bps.
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Inside P&C’s research team examines some of the areas that will be closely watched during the results season.
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Truist Insurance Holdings is on an expansion drive, following the merger between BB&T and SunTrust.
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Paul Cicerchia, Jamie Sharpe, David Beckley and Jonathan Nigro join the Truist-owned broker.
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The private equity house exits the Texan MGA after five years.
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Yesterday, Truist Insurance provided its traditional first look at likely trends in the insurance broking sector.
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New business was up 8.4% due to an uptick in submissions into the E&S market.