RedBird Capital Partners Deal to Sell Constellation Affiliated Partners to Truist Insurance is Completed

Posted on 07/03/2021

RedBird Capital Partners completed its sale of Constellation Affiliated Partners LLC, a New York-based insurance distribution platform, to a unit of Truist Financial Corporation. The deal was originally announced on May 24, 2021.

Truist Insurance Holdings, Inc. acquired the company and saw that the deal would add approximately US$ 160 million of annual revenue to Truist Insurance Holdings’ wholesale division.

Constellation Affiliated Partners was formed by RedBird Capital Partners in 2019 and has grown rapidly through a series of strategic acquisitions. Its four core specialty markets, including contractors’ general liability, transportation, condominium/homeowners associations, and professional liability are examples of these expanded capabilities.

RBC Capital Markets and Truist Securities served as financial advisors, and Willkie Farr & Gallagher LLP served as legal counsel to Truist in this transaction. Evercore served as financial advisor, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Constellation Affiliated Partners in this transaction.

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