Truist in talks to sell insurance business for $10 billion - Semafor
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(Reuters) - Truist Financial (NYSE:TFC) Corp is in talks to sell its insurance brokerage unit to private equity firm Stone Point for about $10 billion, news website Semafor reported on Monday.
In February, Truist sold a 20% stake in its $14.75 billion insurance unit to Stone Point. The move followed a year in which the commercial and investment bank's profit dropped.
The talks are ongoing, the report said, citing people familiar with the matter. It added that a deal may hinge on Stone Point's ability to scrounge up enough debt.
Truist, its unit Truist Insurance Holdings and Stone Point did not immediately respond to Reuters' request for comment.
Truist in talks to sell insurance business for $10 billion - Semafor