TCBI - Truist Financial to buy insurance premium finance company from Texas Capital

• Truist Financial's ( NYSE: TFC ) insurance brokerage subsidiary will buy BankDirect Capital Finance , a premium finance company from Texas Capital Bancshares ( NASDAQ: TCBI ), the two companies said Tuesday.
• The deal will add more than $3B in loans to Truist ( TFC ) Insurance Holdings' premium finance business, which includes AFCO Credit Corporation in the U.S. and CAFO Inc. in Canada, and will broaden its business in the life insurance sector.
• Terms of the transaction, which is expected to close in Q4 2022, weren't disclosed.
• "This strategic investment increases the breadth of our insurance capabilities and demonstrates our continued commitment to the growth of Truist ( TFC ) Insurance Holdings," said TFC Chairman and CEO Bill Rogers.
• BankDirect Capital Finance will operate as a division of AFCO Credit, the company said.
• In August, Truist ( TFC ) acquired the Zaloni Arena platform to build up its data, AI, and machine learning efforts

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