Mubadala invested US$1.2 billion in CRC Group (formerly Truist Insurance Holdings) across two tranches. The first tranche, in 2023, was part of a consortium with Stone Point Capital, acquiring a 20% stake from Truist Financial Corporation.

In 2024, Mubadala partnered with Stone Point Capital and Clayton, Dubilier & Rice (CD&R) to acquire the remaining 80% at an enterprise value of US$15.5 billion. Historically, Truist Insurance Holdings was ranked as the fifth-largest insurance brokerage firm in the U.S., offering a diversified range of products across the insurance distribution value chain, including retail, wholesale, and underwriting.

Since the completion of the acquisition, the group has undergone a significant strategic transformation, positioning itself as a leading independent player in wholesale and underwriting. Key milestones include the sale of McGriff, the group’s retail insurance brokerage, to Marsh McLennan for US$7.75 billion, and the sale of Crump, the life insurance distribution business, to AmeriLife. Following these strategic divestitures, the group was rebranded as CRC Group to reflect its renewed focus on wholesale operations.

CRC Group has implemented several value-creation initiatives, including the appointment of key executives to strengthen the leadership team, equitizing key leaders and producers/underwriters to foster strong alignment for success, the completion of two strategic acquisitions (SLB and Risk Transfer Partners), the successful separation from Truist Financial Corporation, and enhancements in operational efficiency to drive growth and profitability.

We are confident in CRC Group’s trajectory as a leading pure-play wholesale broker and look forward to partnering with the management team as it enters the next phase of growth.