Truist
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With the deal, CRC expects to increase its annual premium to $31.5bn from $23.5bn and grow its staff to over 5,100 employees across North America. -
While brokers continue to report positive earnings, the possibility of a downturn shouldn’t be discounted.
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The bank-owned broker reported positive earnings despite economic conditions, but results may vary for other brokers.
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Adjusted Ebitda margins narrowed by 200bps, as an uptick in T&E costs took its toll.
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The parties did not disclose whether any money changed hands to settle the legal proceedings.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Truist Insurance Holdings said prior-year market tailwinds including rising rates, exposure growth and tightening labor markets, remained in Q1.
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The Truist Insurance Holdings-owned broker also gave new roles to six executives across its practice areas.
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The broker closed on the acquisition of KV, a national title insurance agency, announced in early February.
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After calling 2021 its best year ever, Truist Insurance is purchasing private equity backed title insurer with nationwide operations.
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Truist’s chief insurance officer John Howard said favorable market conditions position the unit for an even better year in 2022.
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Ebitda margins were flat YoY at 27.3% but expanded by 250bps for the whole of 2021, while organic revenue grew by 11% over the same period.
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