Truist selling last chunk of insurance business. Now what? [Yahoo! Finance]
Eastern Bankshares, Inc. (EBC)
Company Research
Source: Yahoo! Finance
The Charlotte, North Carolina, company said Tuesday that it has agreed to sell the remaining 80% of Truist Insurance Holdings to two private-equity firms and other investors. CEO Bill Rogers said on a call with analysts that the transaction — which values the overall unit at $15.5 billion — and a recent agreement to sell an asset-management subsidiary are part of a strategy to make Truist more efficient and pad its capital "You've heard me talk a lot recently about the work being done at Truist to simplify our organization and to better control our expenses in our core businesses to drive improved performance in the future." Rogers said. "By selling [Truist Insurance Holdings], we'll have capital capacity to play more offense. … In addition, our significantly stronger balance sheet will be positioned to weather an even wider range of economic environments." Stone Point Capital in Greenwich, Connecticut — which bought 20% of the insurance unit in February 2023 — and Clayton, Dubil
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EBC
Earnings
- 4/25/24 - Beat
EBC
Analyst Actions
- 1/31/24 - Keefe, Bruyette & Woods
EBC
Sec Filings
- 4/25/24 - Form 8-K
- 4/1/24 - Form ARS
- 4/1/24 - Form DEFA14A
- EBC's page on the SEC website