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Truist Financial Corporation’s (TFC - Free Report) indirect subsidiary, Truist Insurance Holdings, acquires Wellington Risk Holdings, Inc. Being an industry-leading Insurtech, Wellington operates as a managing general agent (“MGA”) in the admitted residential property markets. It has developed a virtual marketplace offering, which includes an easy-to-use agent portal and unique pricing flexibility, resulting in competitive products and superior underwriting performance.
The chairman and CEO of Truist Insurance, John Howard, stated, “The acquisition of Wellington provides a terrific opportunity to further build our business and reflects the importance we place on innovation. Through the use of technology, Wellington has found a better way to place residential property insurance.”
Wellington is going to retain its name, while joining AmRisc, Truist Insurance’s MGA that underwrites catastrophe and specialty insurance for commercial property.
Notably, Truist Insurance announced that it will close 5 insurance acquisitions this quarter. Before Wellington, it already completed 3 deals. And now, by the end of 2020, it is expected to enter a transaction with Fidelis Group Holdings, a provider of specialty insurance products for the marine and cargo industries. All the acquisitions are expected to add more than $100 million of combined annual revenues to Truist Insurance’s wholesale division.
Truist Financial’s chairman and CEO, Kelly S. King, said, “Insurance is a key business for Truist, and one we will continue to grow. Delivering insurance solutions to our clients is a core strategy – helping us deepen relationships, diversify our revenue stream, and build better lives and communities.”
Notably, Truist Financial, formed following the ‘merger of equals’ deal between BB&T Corp and SunTrust Banks, is the sixth-largest bank in the United States.
Over the past six months, shares of Truist Financial have gained 7.1% compared with 4.8% growth of the industry it belongs to.
Currently, the company carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the finance space are mentioned below.
BlackRock, Inc.’s (BLK - Free Report) Zacks Consensus Estimate for current-year earnings has been revised upward by 8.4% over the past 60 days. Moreover, the stock has rallied 27.1% over the past six months. It currently carries a Zacks Rank #2 (Buy).
The Blackstone Group Inc. (BX - Free Report) has witnessed an upward earnings estimate revision of 20.9% for the current year over the past 60 days. The company’s shares have gained 6.2% in the past six months. At present, the company carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The consensus estimate for earnings of Artisan Partners Asset Management Inc. (APAM - Free Report) has been revised 6.7% upward for the current year over the past 60 days. The stock has gained 50.5% over the past six months. Currently, it carries a Zacks Rank #2.
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Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Truist Financial's (TFC) Insurance Subsidiary Buys Wellington
Truist Financial Corporation’s (TFC - Free Report) indirect subsidiary, Truist Insurance Holdings, acquires Wellington Risk Holdings, Inc. Being an industry-leading Insurtech, Wellington operates as a managing general agent (“MGA”) in the admitted residential property markets. It has developed a virtual marketplace offering, which includes an easy-to-use agent portal and unique pricing flexibility, resulting in competitive products and superior underwriting performance.
The chairman and CEO of Truist Insurance, John Howard, stated, “The acquisition of Wellington provides a terrific opportunity to further build our business and reflects the importance we place on innovation. Through the use of technology, Wellington has found a better way to place residential property insurance.”
Wellington is going to retain its name, while joining AmRisc, Truist Insurance’s MGA that underwrites catastrophe and specialty insurance for commercial property.
Notably, Truist Insurance announced that it will close 5 insurance acquisitions this quarter. Before Wellington, it already completed 3 deals. And now, by the end of 2020, it is expected to enter a transaction with Fidelis Group Holdings, a provider of specialty insurance products for the marine and cargo industries. All the acquisitions are expected to add more than $100 million of combined annual revenues to Truist Insurance’s wholesale division.
Truist Financial’s chairman and CEO, Kelly S. King, said, “Insurance is a key business for Truist, and one we will continue to grow. Delivering insurance solutions to our clients is a core strategy – helping us deepen relationships, diversify our revenue stream, and build better lives and communities.”
Notably, Truist Financial, formed following the ‘merger of equals’ deal between BB&T Corp and SunTrust Banks, is the sixth-largest bank in the United States.
Over the past six months, shares of Truist Financial have gained 7.1% compared with 4.8% growth of the industry it belongs to.
Currently, the company carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the finance space are mentioned below.
BlackRock, Inc.’s (BLK - Free Report) Zacks Consensus Estimate for current-year earnings has been revised upward by 8.4% over the past 60 days. Moreover, the stock has rallied 27.1% over the past six months. It currently carries a Zacks Rank #2 (Buy).
The Blackstone Group Inc. (BX - Free Report) has witnessed an upward earnings estimate revision of 20.9% for the current year over the past 60 days. The company’s shares have gained 6.2% in the past six months. At present, the company carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The consensus estimate for earnings of Artisan Partners Asset Management Inc. (APAM - Free Report) has been revised 6.7% upward for the current year over the past 60 days. The stock has gained 50.5% over the past six months. Currently, it carries a Zacks Rank #2.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>