- 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
For further details see:
Truist Financial to buy insurance premium finance company from Texas Capital