Mubadala, in partnership with leading private equity firm, Stone Point Capital, purchased a 20 percent stake for USD 1.95 billion in Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation (“Truist”; NYSE: TFC).

Based in Charlotte, North Carolina, Truist Insurance Holdings is the fifth-largest insurance broker in the United States with market leading positions across the insurance distribution value chain and operates more than 240 offices through its subsidiaries.

This investment enables the acceleration of the growth trajectory of a market leader in US insurance distribution.

Mubadala did a follow-on to purchase the remaining stake of the business in Q1 of 2024.