Mubadala Investment Company, the sovereign investment company in Abu Dhabi, announced that it has entered into a partnership with “Stone Point Capital”, a private investment company focused on the field of global financial services, along with other investors, to purchase a 20 percent stake, at a value of $ 1.95 billion, in Trust Insurance Holdings Inc., a subsidiary of Trust Financial Corporation.
Headquartered in Charlotte, North Carolina, Trust Insurance Holdings is the sixth largest insurance company in the United States and has more than 240 offices through its subsidiaries.
This transaction represents a total value of $14.75 billion for Trust Insurance Holdings.
Upon its completion, which is expected to take place in the second quarter of this year 2023, Troyest will own 80 percent of Troyest Insurance Holdings, which will remain an important shareholder of Troyest and its shareholders.
In this regard, Luca Molinari, Head of Mubadala’s Financial Services Unit, said: “Trust Insurance Holdings enjoys high attractiveness and a leadership position in the insurance distribution market in the United States, and it has continued to achieve strong financial performance. We are pleased to cooperate with “Stone Point” and “Trust”. And the management team of “Trust Insurance Holdings” in order to drive the growth of this company.