Insurance brokerage firm Trucordia announced it has secured a $1.3 billion investment from Carlyle. This deal values the company at $5.7 billion, up from $4.7 billion two years ago.
Trucordia’s CFO, Brandon Gray, said the investment will reduce the company’s debt, strengthen its balance sheet, and give it more financial flexibility.
The insurance brokerage industry remains strong despite economic uncertainty. Customers still focus on financial security and continue spending on insurance products, making this sector attractive to investors.
Andreas Boye, head of Carlyle Credit Opportunities in North America, said, “We believe Trucordia is well-positioned to take advantage of long-term growth in insurance distribution.”
Last year, the company changed its name from PCF Insurance Services to Trucordia. Based in Lindon, Utah, Trucordia provides a broad range of commercial and personal insurance, life insurance, and employee benefits solutions.
J.P. Morgan served as Trucordia’s financial advisor. The deal is expected to close later this month.
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