NEW YORK (Sept. 20, 2024) – TIH, the seventh largest insurance broker in the U.S., was recognized last night for the "M&A Transaction of the Year" at the Insurance Insider US Honors 2024 in New York City. The Honors are held each year as a time of achievement and celebration to highlight "the best and the brightest" in the insurance industry.

TIH was honored for the successful sale of its operation by Truist Bank to a group of private investors led by Stone Point Capital and CD&R. The transaction, launched under the theme "Owning Our Future," allowed the broker to become a 100% insurance-focused business.

The $15.5B enterprise valuation carve-out of the former Truist Insurance Holdings represents the largest insurance brokerage transaction of all time. The sale was so attractive that TIH's equity and debt were significantly oversubscribed and record-setting. For Stone Point Capital and CD&R, this is their single largest equity investment to date. 

"This transaction was a testament to our strategy, the value of TIH, and the strength and dedication of our teammates," said TIH CEO John Howard in the nomination. "We have benefited from Stone Point's and CD&R's unique expertise in financial services, their strong program track records of transformative value creation, and their significant capital support. With this transaction, we now have the freedom to make quicker and smarter decisions in response to the needs of our clients."

In presenting the award, Insurance Insider US Senior Editor Meg Greene pointed out how the transaction benefited TIH, investors Stone Point and CD&R, and Truist. "It was a classic win-win-win situation," she noted.

Also recognized at the ceremony from TIH's portfolio of businesses was Charles Fisher, a property broker with CRC Group, who was awarded 2024 Broking Rising Star of the Year. Other TIH nominees included CRC Group for wholesale broker of the year and McGriff for its business rebranding campaign. 

"Together with our partners, TIH remains focused on growth, and we look forward to the opportunity to strengthen our relationships with our clients and business partners," said TIH President Dave Obenauer, who accepted the M&A award. "Going forward, we will build on our success and be even better positioned to grow in a consolidating market where scale is critical to remain competitive. We're excited about the opportunities that lie ahead not only for our businesses but for each and every one of our teammates."

About TIH

TIH Insurance Holdings, LLC, headquartered in Charlotte, N.C., is the seventh largest insurance broker in the U.S. TIH operates more than 200 offices with nearly 10,000 employees through its portfolio of wholesale, retail and insurance services businesses.