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Stone Point to buy 20% stake in US insurance broker

Finastra, a London-based fintech owned by technology focused private investment firm Vista Equity Partners, is exploring a possible sale of its banking unit in a deal that could be worth as much as $7 billion, according to a report by Reuters.

Truist has agreed to sell a 20% stake in Truist Insurance Holdings, Inc, a subsidiary of Truist and the sixth-largest insurance brokerage in the United States, to funds managed by Stone Point Capital, a private equity firm focused on the global financial services industry, for $1.95 billion. 

Mubadala Investment Company and other co-investors are participating in the investment with Stone Point. 

The transaction represents an aggregate value of $14.75 billion for Truist Insurance Holdings, including a common equity value of $9.75 billion and $5.0 billion of inter-company preferred equity issued by Truist Insurance Holdings to Truist. Upon closing of the investment, expected in Q2 2023, Truist will own 80% of Truist Insurance Holdings.

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