Consolidation platforms are typically able to benefit from the natural arbitrage between a scaled business and the higher multiple it is valued at and the lower multiples it can roll-up smaller firms for. | Source:
INSUREtrust has a stellar reputation in the cyber risk marketplace, an experienced team of brokers and underwriters, and a commitment to the development of technology to drive their business, which were driving forces behind this new partnership, said Bill Goldstein, CEO of Constellation. The seven MGAs that are part of Constellation are Allstar Financial Group, Norman Spencer, American Team Managers Insurance Services, RMA, Trinity Transportation Solutions, Coastal Insurance Underwriters and InsureTrust. The deal was originally announced on May 24, 2021. The addition of Constellation Affiliated Partners more than doubles the size of the premium placement of CRC Groups Specialty Programs Division and creates one of the largest program managers in North America. At the time it was reported that the company wrote and placed premium volume in excess of $550mn, with revenues of around $165mn. Evercore served as financial advisor, and Fried, Frank, Harris, Shriver & Jacobson served as legal counsel to Constellation Affiliated Partners. Mr. Maskill will have an increased role in the management of business operations while continuing his brokerage work and overseeing claims response & MGA products. To search for a combination of terms, use quotations and the & symbol. No claim to any government works or material copyrighted by third parties. Constellation Affiliated Partners will be combined into Truist Insurance Holdings' CRC Group, a leading national wholesale distributor of specialty insurance products. Top Global Insurance & Reinsurance Brokers, Alan Gray appoints Seth Patel as CEO, Mike Ceppi transitions to Senior Advisor, Inver Re CEO Steve Hearn to depart company, Cat bond market sees strong growth, setting pace for record year: Aon. This material is intended for licensed insurance agency use only. Goldstein has experience of a series of acquisitions in the US and London in his previous role at Integro, which was a New York-based broker with operations on both sides of the Atlantic before it was broken up and sold largely to EPIC Holdings in a deal announced late last year. The biggest transaction so far is a deal to take a significant stake in Atlanta-based Allstar Financial, which includes a number of program administrators and MGAs in its stable, including Prime Specialty and Venture Underwriters. Constellation Affiliated Partners LLC (CAP), a subsidiary of CRC Insurance Services, Inc., is one of the largest program management operations in North America. Steve Evans Ltd. registered in England No. With more than 30 brands across over 10 industries, CAP provides data-driven and innovative niche insurance solutions to the Company's distribution partners and insureds across the . For example, workers compensation. The Constellation Affiliated Partners businesses will be combined into Truist Insurance Holdings CRC Group. Additionally, Nicholas Bozzo from CRC Programs and Brian Norman from Constellation Affiliated Partners have been appointed Co-Presidents of the Companys Specialty Programs Division. The diverse group of companies within Constellation's portfolio bring a vast array of insurance and re-insurance offerings to the North American marketplace. Constellation Affiliated Partners LLC Aug 2020 - Apr 20221 year 9 months No affiliation or endorsement, express or implied, is provided by their use. Mr. Durdaller will continue to oversee the strategy, companys products, partnership and production. Constellation Affiliated Partners was formed by RedBird Capital Partners in 2019 and has grown rapidly through a series of strategic acquisitions. For more information, please go to www.redbirdcap.com. Constellations bid to consolidate in the MGA, program and wholesale space comes at a time when M&A continues to be active despite the Covid-19 impact that means deal volume will not keep pace with the record numbers seen in the last couple of years. Constellation Affiliated Partners LLC - Most recent fund raising on April 23, 2020 raised $37,675,000 in Equity. LLC, reducing the amount of capital deployment available for acquisitions or share repurchases to approximately $1 billion to $2 billion through 3Q22. Global Wealth Conferences - SWFI Event Series, RedBird Capital Partners Deal to Sell Constellation Affiliated Partners to Truist Insurance is Completed. Constellation Affiliated Partners LLC. Constellation Affiliated Partners LLC Company Profile | New York, NY | Competitors, Financials & Contacts - Dun & Bradstreet HOME / BUSINESS DIRECTORY / FINANCE AND INSURANCE / INSURANCE CARRIERS AND RELATED ACTIVITIES / AGENCIES, BROKERAGES, AND OTHER INSURANCE RELATED ACTIVITIES / UNITED STATES / NEW YORK / NEW YORK Newest; Filter; Local; Constellation Affiliated Partners LLC. Our new expanded Specialty Programs Division will help us meet that growing need in todays difficult insurance marketplace.. Profile Investors (2) M&A Activity (5) Analytics Constellation Affiliated Partners is a national Managing General Agent insurance distribution platform. Its four core specialty markets are contractors general liability, transportation, condominium/homeowners associations, and professional liability. INSUREtrust, located in the Atlanta metro area, is a national insurance wholesaler that seeks to simplify insurance. , . Op. Claire Wilkinson January 14, 2021 Reprints Share Mergers & Acquisitions Cyber Risks Technology Agents & Brokers Christiaan Durdaller Constellation Affiliated Partners has acquired. CHARLOTTE, N.C., May 24, 2021 /PRNewswire/ -- Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation, announced today that it has signed a definitive agreement with RedBird Capital Partners to acquire Constellation Affiliated Partners, an insurance distribution platform operating seven managing general agents (MGAs) and program managers. Inflation, cat losses prompt reserve concerns: Report, 6. ", "The Constellation Affiliated Partners transaction is a key acquisition that will further build out our national programs business," said John Howard, Chairman and CEO of Truist Insurance Holdings. The world of risk is getting more complex, and both our customers and capital partners are seeking specialists to underwrite and distribute insurance solutions. CRC Insurance Services Inc., part of Truist Insurance Holdings Inc., a subsidiary of Truist Financial Corp., said Tuesday it has named former Constellation Affiliated Partners CEO. MGA and wholesaler Allstar Underwriters operates in personal lines, small business solutions, specialty brokerage and commercial auto. Constellation offers us a unique combination of the ability to keep our management at the local level, while also bringing the industry expertise of Bill Goldstein & Brian Norman along with the support of an additional $1 billion in gross written premium. 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. Constellation Affiliated Partners is a New York-based insurance consolidator platform that specializes in acquiring MGA, program administrator and wholesale companies in the United States and. When typing in this field, a list of search results will appear and be automatically updated as you type. Get Free Insurance Industry News Updates Delivered to Your Email! The transaction, first announced in May, will add approximately $160 million of annual revenue to Truist Insurance Holdings wholesale division. "We're excited to welcome Constellation Affiliated Partners clients to Truist, and have their team join our organization. New York-based RedBird describes itself as a provider of long-term, flexible capital that maximises its ability to build companies and compound value over time in partnership with owners and entrepreneurs. We look forward to integrating them into the current portfolio of companies and product offerings.. Constellation Affiliated Partners is a top 10 national Managing General Agent insurance distribution platform. Its four core specialty markets, including contractors' general liability, transportation, condominium/homeowners associations, and professional liability are examples of these expanded capabilities. En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. In order to further strengthen its insurance business, Truist Insurance Holdings, a subsidiary of Truist Financial Corporation TFC, has announced a deal with RedBird Capital Partners to acquire. Convective storm system causes close to $5.5 billion in insured losses, 5. Constellation Affiliated Partners is an insurance distribution platform operating seven managing general agents (MGAs) and program managers. CRC Groups new Specialty Programs Division now places more than $2.4B in premium across more than ten industry and specialty segments. Get in touch directly using our contact form. We will be bringing new programs and products to market, expanding capacity relationships, and continuing our focus on and commitment to data, analytics, and technology. Goldstein added: We see the combined programs platform as a growth engine for the future. Reach the largest reinsurance audience. RBC Capital Markets and Truist Securities served as financial advisors, and Willkie Farr & Gallagher LLP served as legal counsel to Truist in this transaction. The seven MGAs that are part of Constellation are Allstar Financial Group,. Reviews Write Review There are no reviews yet for this company. We see the combined programs platform as a growth engine for the future, said Goldstein. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. The seven MGAs that are part of Constellation are Allstar Financial Group, Norman Spencer, American Team Managers Insurance Services, RMA, Trinity Transportation Solutions, Coastal Insurance Underwriters and InsureTrust. January 14, 2021 10:30 ET
RedBird has been active in the financial institutions space with deals to buy alternative asset management platform Vida Capital and life insurance-focused asset manager Avmont. The Most Advanced Company Information Database Enter company name. Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services; Crump Life Insurance Services; AmRisc; and its premium finance companies (AFCO Credit Corp., Prime Rate Premium Finance Corp., and CAFO). Disclosed limited partners included Los Angeles County Employees Retirement Association. Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of Truist Financial Corporation or its subsidiaries (collectively, "Truist").
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