January 14, 2021 10:30 ET
May 24, 2021 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. Mr. Maskill will have an increased role in the management of business operations while continuing his brokerage work and overseeing claims response & MGA products.
Get reinsurance news by email here. Mr. Durdaller will continue to oversee the strategy, companys products, partnership and production. INSUREtrust distributes cyber liability, technology errors and omissions and miscellaneous professional liability coverages. The ability to innovate and create market differentiating products and solutions is something that has separated us from the competition since our inception. Constellation was recognized for the most comprehensive, innovative and strategic vision for the industry along with outstanding customer service reputation. No P/C Underwriting Profit Until 2024: S&P, Florida Rule Change Seen as Win for Med Mal Insurers, Truist Acquires Constellation Affiliated Partners Wholesaler Platform With 7 MGAs, Specialty MGA UK Approved as Lloyd's Coverholder, Why the Investor-Driven Hard Reinsurance Market Will Persist in 2024, Workers' Compensation Undercuts Employer Liability Exclusion, U.S. Appeals Court Rules, Canada's Wildfires Burn Record 25 Million Acres With No End in Sight, Compliance Specialist Rate Filing REMOTE -, Underwriting Operations Support Carrier REMOTE -, Commercial Lines Account Manager or Customer Service Rep (CSR) Insurance REMOTE -, Property & Casualty Claims Adjuster Carrier or TPA REMOTE -, Brokers Must Get Creative As Construction Market Grows Amid Project Delays, Labor Shortage, Higher Costs, Why Schools Must Reset and Reboot When it Comes to Insurance, Challenges, Opportunities for Brokers in the Music Events Space, Risks on Stage: New World, New Life in Entertainment Business, 8th Circuit: Failure to Cooperate Doomed Church's Storm Damage Claim, People Rescued from Cars and Homes as Rapid Rainfall Causes Flash Flooding in Central Mississippi, Vermont Braces for More Rain in Wake of Historic Flooding, A Florida Sinkhole that Claimed a Man's Life in 2013 Reopens, this Time Harmlessly, Record Monsoon Rains Have Killed More than 100 People in Northern India over Two Weeks, Challenges in New and Old Multi-Unit Housing, Mitigating the Risks of A Tight Labor Market Using Effective WC Practices, No One Said it Would be Easy. Constellation Affiliated Partners Company Profile: Acquisition As the nations leading competitive energy provider and a supplier of retail and wholesale power, natural gas, and energy products and services, we are uniquely positioned to offer customers innovative solutions to meet a broad range of energy needs. According to sources, Constellation will look to build off its initial acquisitions to add verticals into property, professional liability and other areas as it continues its M&A strategy. Company status Active Company type Private limited Company .
Aggregators & Brokers | Constellation Energy To protect our site, we cannot process your request right now. Constellation Affiliated Partners is an insurance distribution platform operating seven managing general agents (MGAs) and program managers. Although Constellation has been executing its M&A strategy largely under the radar, sources said that the completed deals represent $900mn+ of premium volume and an estimated $35mn+ of Ebitda. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. The world of risk is getting more complex, and both our customers and capital partners are seeking specialists to underwrite and distribute insurance solutions, said Dave Obenauer, CEO of CRC Group. company profile page along with the rest of the general data. 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 Truist Insurance Holdings has agreed to acquire Constellation Affiliated Partners from RedBird Capital Partners. Bill Goldstein-led consolidator platform Constellation Affiliated Partners has already completed a number of acquisitions including a buy-in to MGA and wholesale broking platform Allstar Financial, The Insurer can reveal. "This acquisition enables us to continue diversifying our revenue and provide expansive insurance solutions to our clientswhile ultimately helping us fulfill our purpose to build better lives and communities. Constellation Affiliated Partners was formed by RedBird Capital Partners in 2019 and has grown rapidly through a series of strategic acquisitions. Your entire office will be able to use your search subscription. Partners - Constellation CONSTELLATION AFFILIATED PARTNERS LLC in Wilmington, DE | Company Info Company Information Sponsored Links Company Contacts This company has not listed any contacts yet. Marsh Berry & Co was exclusive advisor to the seller. Additionally, Nicholas Bozzo from CRC Programs and Brian Norman from Constellation Affiliated Partners have been appointed Co-Presidents of the Companys Specialty Programs Division. Create your Watchlist to save your favorite quotes on Nasdaq.com.
The transaction will add approximately $160 million of annual revenue to Truist Insurance Holdings wholesale division. We look forward to integrating them into the current portfolio of companies and product offerings.. 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. Type a symbol or company name. To read this article on Zacks.com click here. The Constellation Affiliated Partners businesses will be combined into Truist Insurance Holdings' CRC Group. Disclosed limited partners included Los Angeles County Employees Retirement Association. As the largest clean energy generator in the country, we have a broad perspective on industry trends and direct access to deliver innovative energy solutions that help customers meet their sustainability needs. Work with us to create customized solutions for your clients and find out why were considered Americas energy choice. We see the combined programs platform as a growth engine for the future, said Goldstein. from 8 AM - 9 PM ET. Learn more about Constellations values and our deep commitment to Environmental, Social and Governance (ESG) principles. 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. The Insurer revealed last October that Allstar Financial was working with boutique investment banking advisory firm Evercore over a potential sale. The groups Arkon Special Risk operation is a wholesale broker specializing in commercial general liability, excess liability, property, inland marine, environmental and liquor liability in the Northeast of the US. 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. Constellation's partners use a set of core values to evaluate and pursue strategic partnerships with companies that have demonstrated superior underwriting principles and have earned a solid industry reputation.
Truist Insurance Holdings and its wholesale insurance subsidiary CRC Group have closed on the acquisition of Constellation Affiliated Partners, an insurance distribution platform operating seven managing general agents (MGAs) and program managers. Navigating the Current Hard Market, Who is Paying for This? Thank you! The diverse group of companies within Constellation's portfolio bring a vast array of insurance and re-insurance offerings to the North American marketplace. We have the size, scale, and resources to help protect your clients from market risk. Affiliate : Jurisdiction of Formation: A/C Fuels Company : PA: A/C Power : MD: AgriWind LLC : IL: AgriWind Project L.L.C. 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.
Sign up to receive updates on the latest energy market trends. Constellation Weatherford Capital Constellation Affiliated Partners was formed by RedBird Capital Partners in 2019 and has grown rapidly through a series of strategic acquisitions. 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 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. In April, Bank of America BAC acquired Santa Barbara, CA-based Axia Technologies, Inc., a health care payment and technology firm that provides secure patient payments. , . They can also build value by offering more efficient tech and operating platforms that acquisitions can plug into, as well as providing economies of scale, larger geographic footprints and cross-sell opportunities. 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). NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Constellation Affiliated Partners (Constellation) today announced the acquisition of INSUREtrust, a specialty wholesale broker and MGA headquartered in Atlanta, Georgia. Over the past six months, shares of Truist Financial have rallied 26.2%, underperforming the industrys 38.8% rally. Some call it the Internet of Money and predict it could change the way money works forever. Copyright 2023 by Wells Media Group, Inc. Workers Compensation Undercuts Employer Liability Exclusion, U.S. Appeals Court Rules, Florida High Court Rule Change Seen as a Win for Med Mal Insurers, Allianz US Unit Ordered to Pay $6 Billion in Securities Fraud Case, Agents Failure to Disclose Dog Comes Back to Bite Homeowner. May 24, 2021 Reprints Agents & Brokers Mergers & Acquisitions Truist Insurance Holdings Inc., a subsidiary of Truist Financial Corp., said Monday it will acquire Constellation Affiliated Partners. The Constellation Affiliated Partners businesses will be combined into Truist Insurance Holdings CRC Group. REPRESENT HOLDINGS LLC - Dun & Bradstreet We also publish Artemis.bm, the leading publisher of news, data and insight for the catastrophe bond, insurance-linked securities, reinsurance convergence, longevity risk transfer and weather risk management sectors.. Weve published and operated Artemis since its launch 20 years ago and have a readership of around 60,000 every month. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Filings. Financial terms of the transaction were not disclosed. Get Free Insurance Industry News Updates Delivered to Your Email! Filing Jurisdiction, Entity Type, Registered Agent, File Number, Filing Status, and Business Category. 316,632 Recent News & Activity Acquisition May 24, 2021 Truist acquired Constellation Affiliated Partners for an undisclosed amount Discover more acquisitions Details Industries Insurance Headquarters Regions Greater New York Area, East Coast, Northeastern US Operating Status Active Company Type For Profit Contact Email info@constellationap.com Developed as a platform buy-and-build in partnership with experienced insurance executive, Bill Goldstein, Constellations strategy is centered around partnering with MGAs, MGUs and specialty wholesalers to establish a diversified scale book of premiums and distribution capabilities for its carrier partners. Erin Burns has been promoted to Head of Brokerage, overseeing brokerage operations. We have the reach and expertise to serve customers across multiple regions and commodities. RedBird Capital Partners is a private investment firm focused on building high-growth companies with flexible, long-term capital in partnership with its Entrepreneur & Family Office Network. Truist Insurance Holdings furthers growth Insurance Wholesale. 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. Norman-Spencer becomes the One-Stop-Shop for Real Estate E&O Insurance In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Today, that discovery is still the heart of the Zacks Rank. Constellation Affiliated Partners Announces Acquisition of Trinity We have a shared commitment to accelerating our investment in data and analytics, and look forward to continuing to grow our business, both organically and through further acquisitions," continued Howard. The firm was founded by former Goldman Sachs partner Gerry Cardinale and has been involved with over $7bn in principal investments in North America. The deal will likely add roughly $160 million of annual revenues to the wholesale division of Truist Insurance Holdings. Or find and follow Reinsurance News on social media. When typing in this field, a list of search results will appear and be automatically updated as you type. This transaction is CRC Groups eighth acquisition in the last 18 months. CRC Group's new Specialty Programs Division now places more than $2.4B in premium across more than ten industry and specialty segments. served to you completely ad free and you will be granted access to view every profile in its entirety, even
with up to 5 times the number of maximum matches per search vs. non-subscribers. Truist Financials acquisition strategy reflects its solid balance-sheet position. A Three-Part Class on Risk Transfer, Part 1. Constellation Affiliated Partners Llc in New York, New York - EIN TaxId constellation affiliated partners llc constellation affiliated partners constellation affiliated partn Constellation Affiliated Partners CEO William Goldstein Chief Executive Officer Phone Email Get in touch directly using our contact form. 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 country. 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"). Get the latest business insights from Dun & Bradstreet. RedBird invests with an entrepreneurial, company-building mentality, with an emphasis on capital appreciation and compounding equity returns over longer holding periods. Starwind Specialty Insurance Services, LLC supports a diverse workforce and is an Equal Opportunity Employer who does not discriminate against individuals on the basis of race, gender, color, religion, national origin, age, sexual orientation, gender identity, disability, veteran status or other classification protected by law. Although its acquisitions so far are understood to have focused on North America, it has also shown an appetite for potential deals in the UK. CRC Groups new Specialty Programs Division now places more than $2.4B in premium across more than ten industry and specialty segments. Constellation Affiliated Partners Mergers and Acquisitions Summary While logged in and authenticated, you will not be asked to solve any complicated Recaptcha V2 challenges. CRC Group is the wholesale distributor of specialty insurance products. 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. ADDITIONAL LINKS Post Question For This Company CONSTELLATION AFFILIATED PARTNERS LLC - Bizapedia Find company research, competitor information, contact details & financial data for ARC TOMANFI001 LLC of HELSINKI, Uusimaa. There has been talk of multiples being affected by uncertainty around the Covid-19 impact on businesses and potential sellers that focus on directly hit segments such as hospitality will have either significantly recalibrated or taken themselves off the table. Visit Salary.com to find out Constellation Affiliated Partners LLC salary, Constellation Affiliated Partners LLC pay rate, and more. Further, earlier this month, Glacier Bancorp, Inc. GBCI announced a definitive agreement to acquire American Fork, UT-based Altabancorp ALTA for $933.5million. ARC TOMANFI001 LLC Company Profile - Dun & Bradstreet The company has expanded its operation through acquisition strategies. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! 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.). Additionally, Nicholas Bozzo from CRC Programs and Brian Norman from Constellation have been appointed co-presidents of the Specialty Programs Division. Reviews Write Review There are no reviews yet for this company. Blockchain and cryptocurrency have sparked one of the most exciting discussion topics of a generation. Constellation Affiliated Partners Announces Acquisition of - GlobeNewswire Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The INSUREtrust brand embodies all of these elements in one, award-winning package. Financial terms of this agreement were not disclosed. They are committed to achieving our purpose and modeling our values for our employees, customers and communities. Truist acquired Constellation from RedBird Capital Partners. 2023 Weatherford Capital Management, LLC All Rights Reserved. In addition, all pages on Bizapedia will be
CRC Group has closed on the acquisition of Constellation Affiliated Partners, more than doubling the size of its Specialty Programs Division and creates one of the largest program managers in North America. For the past 22 years, INSUREtrust has continued to be a leading cyber liability insurance company. Experts agree were still in the early stages of this technology, and as it grows, it will create several investing opportunities. This rating has decreased by -5% over the last 12 months. RBC Capital Markets and Truist Securities served as financial advisors, and Willkie Farr & Gallagher served as legal counsel to Truist in this transaction. Dave Obenauer, CEO of CRC Group commented: We are excited to welcome Constellation Affiliated Partners into the CRC Group family. ", "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. Constellation is backed by RedBird Capital Partners, a private investment firm focused on building high-growth companies with flexible, long-term capital. En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. Bill Goldstein, who joined CRC Group from Constellation, will serve as CEO of CRC Groups Specialty Programs Division. 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. The Bizapedia Pro API grants programmatic access to all the search forms and features you find on our site. These symbols will be available throughout the site during your session. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. He said CRC will also continue to seek strategic acquisitions. % of people found this article valuable. Also, management is open for such efforts, with an aim to further support fee income sources. Jack TribbleVS.Andrew Heaner,Heaner Holdings, Inc.,Constellation , . 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 Bill. Evercore served as financial advisor, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Constellation Affiliated Partners in this transaction. The INSUREtrust team is also pleased to announce the promotion of Christiaan Durdaller to President and Chief Executive Officer of INSUREtrust. Starwind Insurance > Home You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. The Constellation Executive Committee is made up of experienced senior leaders who set the strategy and direction for our company. These forward-looking statements are based on Truist's current expectations and assumptions regarding Truist's businesses, the economy, and other future conditions. The transaction will create one of the largest program management operations in the country. But generally, with hard market pricing offsetting the macroeconomic impact in many segments of the program and wholesale sector, sources have said that valuations have not taken a significant dent. Our new expanded Specialty Programs Division will help us meet that growing need in todays difficult insurance marketplace.. Financial terms were not disclosed. 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 Canada. INSUREtrust is also pleased to announce promotions within its management team. MGA and wholesaler Allstar Underwriters operates in personal lines, small business solutions, specialty brokerage and commercial auto. 65% of employees would recommend working at Constellation to a friend and 68% have a positive outlook for the business. Within this role, Ms. Burns will continue to represent INSUREtrusts expertise at industry events and the educational resources the company provides its agents and clients inclusive of the prestigious INSUREtrust Agent Academy. Mr. Durdaller was previously executive vice president. Its four core specialty markets, including contractors general liability, transportation, condominium/homeowners associations, and professional liability are examples of these expanded capabilities. Constellation Affiliated buys cyber wholesaler and MGA