CORE INSURANCE

Truist Insurance Holdings to acquire Kensington Vanguard National Land Services

Truist Insurance Holdings, Inc. | February 09, 2022

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Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation and the sixth-largest insurance brokerage in the U.S., announced today that it has signed a definitive agreement to acquire Kensington Vanguard National Land Services, one of the country's largest independent full-service national title insurance agencies.

The transaction significantly expands Truist Insurance Holdings' presence in the title insurance market. Truist's existing title operation, BridgeTrust Title, will be integrated into the Kensington Vanguard platform.

"Kensington Vanguard has grown considerably over the past 15 years through a successful strategy built around geographic expansion, talent recruitment, and acquisitions, Its industry-leading expertise in both the commercial and residential title sectors will enable us to offer title and real estate services across the full market spectrum. The combined business will be one of the largest full-service real estate service agencies in the U.S."

- John Howard, chairman and chief executive officer of Truist Insurance Holdings.

The transaction is expected to close later in the first quarter. The terms of the sale were not disclosed.

About Truist Insurance Holdings
Truist Insurance Holdings, Inc., the sixth-largest insurance broker in the U.S. and seventh-largest in the world, is a subsidiary of Truist Financial Corporation (NYSE: TFC). Headquartered in Charlotte, NC, Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its Premium Finance companies (AFCO Credit Corporation, Prime Rate Premium Finance Corporation, Inc., and CAFO Inc.).

About Kensington Vanguard National Land Services
Kensington Vanguard National Land Services, LLC, headquartered in New York City, has offices in Arizona, Florida, New Jersey, Virginia, and Texas. It is one of the largest full-service national title insurance and settlement agencies in the U.S. Founded in 2002, Kensington Vanguard provides commercial and residential title insurance, settlement, escrow and 1031 exchange services. After a strategic investment by private equity firm Stone Point Capital in 2016, Kensington Vanguard has continued to be a consolidator driven by industry leadership and financial strength.

Spotlight

The insurance distribution landscape has witnessed significant changes in recent times due to the emergence of digital channels such as mobile apps, and the proliferation of online aggregators. The changes are being driven in part by the technological advancements and evolving customer behaviors and preferences. Moreover, insurers are looking to deliver their products and services in the fastest and most efficient manner possible, by developing newer distribution channels in the online space.


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