Private equity firms Stone Point Capital and Clayton, Dubilier & Rice, completed the acquisition of the remaining 80% stake in Truist Insurance Holdings, the fifth largest insurance broker in the US and a subsidiary of Truist Financial, for $12.4bn. "Today's announcement is a testament to our strategy, the value of our insurance business, and the strength and dedication of our teammates. Our investors provide us with a significant opportunity to expand our operations in an industry where scale is critical to remain competitive. With their backing, we will explore new avenues of growth and strengthen our overall operating strategy built around our diversified portfolio of top-performing businesses, each of which will continue to operate in the marketplace under its current brand name," John Howard, TIH CEO.