Truist Insurance Holdings Acquires BankDirect Capital Finance
Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation ( NYSE: TFC) and the sixth-largest insurance brokerage in the U.S., announced today that it has signed a definitive agreement to acquire BankDirect Capital Finance, a nationwide premium finance company, from Texas Capital Bancshares, Inc. (NASDAQ: TCBI).
After the closing, BankDirect will operate as a division of AFCO Credit Corporation, Truist Insurance Holdings’ existing premium finance operation in the U.S.
The transaction will add over $3 billion in loans to Truist Insurance Holdings’ premium finance business—which also includes CAFO Inc., its Canadian operation—while broadening its business into the life insurance arena. The transaction is expected to close in the fourth quarter of 2022, subject to satisfaction of customary closing conditions.
