The all-cash deal, which was first announced in February, places the enterprise value of TIH at $15.5bn.  

Upon closing, Truist received after-tax cash proceeds of approximately $10.1bn. 

The investor group also includes Mubadala Investment Company and other co-investors.  

TIH said the move has allowed more than 1,500 Truist leaders and producers to co-invest in the now stand-alone insurance broker.  

With the completion of the transaction, TIH has formed a new board of directors.  

Dan Glaser, former CEO of Marsh McLennan and operating partner at CD&R, has been appointed as chairman.  

Joining Glaser as independent directors are Richard Whitt, former co-CEO of Markel Group; Julio Portalatin, former CEO of Mercer; and Ross Buchmueller, former CEO of PURE Insurance. 

Truist chairman and CEO Bill Rogers said: "The sale of TIH significantly enhances Truist's financial profile and positions Truist to invest in and grow its core banking businesses.” 

TIH CEO John Howard said: “Our investors provide us with a significant opportunity to expand our operations in an industry where scale is critical to remain competitive.  

“With their backing, we will explore new avenues of growth and strengthen our overall operating strategy built around our diversified portfolio of top-performing businesses, each of which will continue to operate in the marketplace under its current brand name.” 

In line with its transition to an independent entity, the company will also reintroduce its previous abbreviation – TIH.  

In April 2023, Stone Point Capital acquired a 20% interest in TIH for $1.95bn, which valued the insurance company at approximately $14.75bn.