Truist in Talks to Sell Its Insurance Business for About $10 Billion

Truist Financial CorpTFC.N is in talks to sell its insurance brokerage unit to private equity firm Stone Point for about $10 billion, news website Semafor reported on Monday.

In February, Truist sold a 20% stake in its $14.75 billion insurance unit to Stone Point. The move followed a year in which the commercial and investment bank’s profit dropped.

The talks are ongoing, the report said, citing people familiar with the matter. It added that a deal may hinge on Stone Point’s ability to scrounge up enough debt.

Read the source article at Nasdaq