Private equity firms Stone Point Capital and Clayton, Dubilier & Rice agreed to acquire 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. "We are pleased to have reached an agreement to sell TIH as it will further strengthen our balance sheet, afford us the ability to maintain our earnings profile, and create significant ongoing flexibility to invest in our core banking franchise. We are incredibly proud of the success we've achieved together with TIH over the years and are excited to see how Stone Point and CD&R continue to build the business in its next chapter of growth," Bill Rogers, Truist Chairman and CEO.