View Contact Info for Free. For more information, please go to www.redbirdcap.com. RBC Capital Markets and Truist Securities served as financial advisors, and Willkie Farr & Gallagher served as legal counsel to Truist in this transaction. Industry: Insurance (See others in industry) Address: 667 Madison Avenue 16 Th Floor New York, NY, 10065 Phone: 212-235-1000 . The seven MGAs that are part of Constellation are Allstar Financial Group, Norman Spencer, American Team Managers Insurance Services, RMA, Trinity Transportation Solutions, Coastal Insurance Underwriters and InsureTrust. The INSUREtrust brand embodies all of these elements in one, award-winning package. The firm was founded by former Goldman Sachs partner Gerry Cardinale and has been involved with over $7bn in principal investments in North America. Constellation Affiliated Partners LLC - Dun & Bradstreet The Constellation Affiliated Partners businesses will be combined into Truist Insurance Holdings' CRC Group. Filings. Constellation Affiliated Partners is a New York-based insurance consolidator platform that specializes in acquiring MGA, program administrator and wholesale companies in the United States and. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. All content copyright Steve Evans Ltd. 2021 All rights reserved. CRC Groups new Specialty Programs Division now places more than $2.4B in premium across more than ten industry and specialty segments. The deal was originally announced on May 24, 2021. Global Wealth Conferences - SWFI Event Series, RedBird Capital Partners Deal to Sell Constellation Affiliated Partners to Truist Insurance is Completed. Truist Financial (TFC) to Buy Constellation Affiliated Partner Constellation Affiliated Partners: Employee Directory - ZoomInfo For example, hurricane & loss. Weframe | LinkedIn These forward-looking statements are based on Truist's current expectations and assumptions regarding Truist's businesses, the economy, and other future conditions. RedBird invests with an entrepreneurial, company-building mentality, with an emphasis on capital appreciation and compounding equity returns over longer holding periods. Who is Constellation Affiliated Partners Headquarters 667 Madison Ave 11TH Fl, New York, New York, 10065, United States Phone Number (212) 235-1000 Website www.constellationap.com Revenue $62.7M Industry Software General Software Is this data correct? Nothing on this website constitutes an offer, inducement, or contract of insurance. This will limit your search to that combination of words. Constellation Affiliated Partners LLC - fund raising filing - Form Ds It is thought the start-up will not look to fully integrate the companies it acquires but has been building an integrated common technology platform that MGAs, program administrators and wholesalers will operate from. . Truist Insurance acquired Constellation Affiliated Partners LLC in May for an undisclosed sum. "This acquisition enables us to continue diversifying our revenue and provide expansive insurance solutions to our clientswhile ultimately helping us fulfill our purpose to build better lives and communities. It was formed by RedBird Capital Partners in. Although Constellation has been executing its M&A strategy largely under the radar, sources said that the completed deals represent $900mn+ of premium volume and an estimated $35mn+ of Ebitda. Founded by former Goldman Sachs Partner Gerry Cardinale, RedBird today manages $4 billion of capital principally across its core industry verticals in Sports, TMT, Financial Services and Consumer. Constellation Affiliated Acquires Coastal Insurance Underwriters Get in touch directly using our contact form. All Rights Reserved. Its four core specialty markets are contractors general liability, transportation, condominium/homeowners associations, and professional liability. Claire Wilkinson January 14, 2021 Reprints Share Mergers & Acquisitions Cyber Risks Technology Agents & Brokers Christiaan Durdaller Constellation Affiliated Partners has acquired. But generally, with hard market pricing offsetting the macroeconomic impact in many segments of the program and wholesale sector, sources have said that valuations have not taken a significant dent. Constellations bid to consolidate in the MGA, program and wholesale space comes at a time when M&A continues to be active despite the Covid-19 impact that means deal volume will not keep pace with the record numbers seen in the last couple of years. Or find and follow Reinsurance News on social media. Its four core specialty markets, including contractors general liability, transportation, condominium/homeowners associations, and professional liability are examples of these expanded capabilities. Truist Insurance Holdings furthers growth through acquisition of RedBird Capital Partners Deal to Sell Constellation Affiliated Partners INSUREtrust, founded by Steve Haase in 1997, is the countrys leading specialty wholesale broker and managing general agent, distributing cyber liability, technology errors & omissions and miscellaneous professional liability coverages. Although its acquisitions so far are understood to have focused on North America, it has also shown an appetite for potential deals in the UK. Constellation's partners use a set of core values to evaluate and pursue strategic partnerships with companies that have demonstrated superior underwriting principles and have earned a solid industry reputation. Hub raises $6.9B in debt refinancing move, 3. Completed acquisition of Constellation Affiliated Partners ; . The transaction will create one of the largest program management operations in the country. RedBird-backed Constellation buys into Allstar Financial Mr. Durdaller will be taking on the position from former CEO and Founder, Steve Haase, in his retirement from INSUREtrust. Truist's average LCR was 114% for the three months ended September 30, 2021, compared to the regulatory minimum of 100%. Media Contact:Dan GagnierGagnier Communications646-569-5897. Constellation Affiliated Partners LLC is in the Insurance Agents and Brokers business. With more than 30 brands across over 10 industries, CAP provides data-driven and innovative niche insurance solutions to the Company's distribution partners and insureds across the . "Expanding our insurance business remains a key priority for Truist as we continually look for ways to enhance our offerings and introduce new clients to Truist," said Kelly S. King, Chairman and CEO of Truist Financial Corporation. Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services; Crump Life Insurance Services; AmRisc; and its premium finance companies (AFCO Credit Corp., Prime Rate Premium Finance Corp., and CAFO). The Insurer comment Constellation's bid to consolidate in the MGA, program and wholesale space comes at a time when M&A continues to be active despite the Covid-19 impact that means deal volume will not keep pace with the record numbers seen in the last couple of years. Its various program and MGA subsidiaries write a range of segments, with Prime Specialty focused on construction, Venture Underwriters on primary and excess liability, Allstar Transportation writing commercial auto including trucking, and other MGAs specializing in surety, forestry and logging. Constellation Affiliated Partners Constellation Affiliated Partners - Crunchbase Company Profile & Funding Developed as a platform buy-and-build in partnership with experienced insurance executive, Bill Goldstein, Constellations strategy is centered around partnering with MGAs, MGUs and specialty wholesalers to establish a diversified scale book of premiums and distribution capabilities for its carrier partners. Copyright 2023 by Wells Media Group, Inc. Travelers Must Pay $2M for Yacht Lost in Irma: Florida Law Bars Technicality Denials, Car Dealer Shielded From Liability in Courtesy Car Accident, Part of Florida Quarantined Due to Stucco-Eating Giant African Land Snail, More Than 17 Million Properties Face Substantial Flood Risk: Study. Aspen Managing General Agency supports a diverse workforce and is an Equal Opportunity Employer who does not discriminate against individuals on the basis of race, gender, color, religion, national origin, age, sexual orientation, gender identity, disability, veteran status or other classification protected by law. Many possible events or factors could affect Truist's future financial results and performance and could cause actual results or performance to differ materially from anticipated results or performance. The INSUREtrust team is also pleased to announce the promotion of Christiaan Durdaller to President and Chief Executive Officer of INSUREtrust. Its four core specialty markets, including contractors' general liability, transportation, condominium/homeowners associations, and professional liability are examples of these expanded capabilities. All material subject to strictly enforced copyright laws. The world of risk is getting more complex, and both our customers and capital partners are seeking specialists to underwrite and distribute insurance solutions, said Dave Obenauer, CEO of CRC Group. Financial terms of the transaction were not disclosed. About Truist Insurance HoldingsTruist Insurance Holdings, Inc., the sixth largest insurance broker in the U.S. and seventh largest in the world, is an indirect subsidiary of Truist Financial Corporation (NYSE: TFC). They can also build value by offering more efficient tech and operating platforms that acquisitions can plug into, as well as providing economies of scale, larger geographic footprints and cross-sell opportunities. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. Op. This field is for validation purposes and should be left unchanged. Posted on 07/03/2021 RedBird Capital Partners completed its sale of Constellation Affiliated Partners LLC, a New York-based insurance distribution platform, to a unit of Truist Financial Corporation. Constellation Affiliated Partners is an insurance distribution platform operating seven managing general agents (MGAs) and program managers. We also publish Artemis.bm, the leading publisher of news, data and insight for the catastrophe bond, insurance-linked securities, reinsurance convergence, longevity risk transfer and weather risk management sectors.. Weve published and operated Artemis since its launch 20 years ago and have a readership of around 60,000 every month. Constellation Affiliated Partners LLC (CAP), a subsidiary of CRC Insurance Services, Inc., is one of the largest program management operations in North America. Aspen Managing General Agency. Drug Free Workplace. | Source: SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. Drug Free Workplace. The seven MGAs that are part of Constellation are Allstar Financial Group, Norman Spencer, American Team Managers Insurance Services, RMA, Trinity Transportation Solutions, Coastal Insurance Underwriters and InsureTrust. The addition of Constellation Affiliated Partners more than doubles the size of the premium placement of CRC Groups Specialty Programs Division and creates one of the largest program managers in North America. Constellation Affiliated Partners LLC - Most recent fund raising on April 23, 2020 raised $37,675,000 in Equity. A Proud Member of Developed as a platform buy-and-build in partnership with experienced insurance executive, Bill Goldstein, Constellation's strategy is centered around partnering with MGAs, MGUs and specialty wholesalers to establish a diversified scale book of premiums and distribution capabilities . The biggest transaction so far is a deal to take a significant stake in Atlanta-based Allstar Financial, which includes a number of program administrators and MGAs in its stable, including Prime Specialty and Venture Underwriters. RedBird has also had a long-term affiliation with Canadian pension fund Ontario Teachers. Marsh Berry & Co was exclusive advisor to the seller. Profile Investors (2) M&A Activity (5) Analytics Constellation Affiliated Partners is a national Managing General Agent insurance distribution platform. Constellation Affiliated Partners LLC Company Profile | New York, NY | Competitors, Financials & Contacts - Dun & Bradstreet HOME / BUSINESS DIRECTORY / FINANCE AND INSURANCE / INSURANCE CARRIERS AND RELATED ACTIVITIES / AGENCIES, BROKERAGES, AND OTHER INSURANCE RELATED ACTIVITIES / UNITED STATES / NEW YORK / NEW YORK 2023 Weatherford Capital Management, LLC All Rights Reserved. RedBird Capital Partners completed its sale of Constellation Affiliated Partners LLC, a New York-based insurance distribution platform, to a unit of Truist Financial Corporation. Senior Vice President and Chief Program Officer at Constellation Affiliated Partners. Convective storm system causes close to $5.5 billion in insured losses, 5. Auto Insurance | Property Insurance | Motor Club Products | Auto Claims | Property Claims | Motor Club Claims | Policy/Payments | Behind the Name | Giving Back | Constellation Affiliated Partners | News and Articles | Careers | Contact | Agents Login | Become An Agent | Partnership Advantages | Find My Rep | Privacy Policy |. RBC Capital Markets and Truist Securities served as financial advisors, and Willkie Farr & Gallagher served as legal counsel to Truist in this transaction. BIs Article search uses Boolean search capabilities. Truist makes wholesale buy | Business Insurance Truist Insurance Holdings, Inc. acquired the company and saw that the deal would add approximately US$ 160 million of annual revenue to Truist Insurance Holdings wholesale division. The diverse group of companies within Constellation's portfolio bring a vast array of insurance and re-insurance offerings to the North American marketplace. The company writes a diverse set of insurance lines, including contractors general liability, commercial transportation, specialty, and professional liability. CRC names executives | Business Insurance Our new expanded Specialty Programs Division will help us meet that growing need in todays difficult insurance marketplace.. Constellation Affiliated Partners LLC (CAP), a subsidiary of CRC Insurance Services, Inc., is one of the largest program management operations in North America. By signing up you agree to receive content from us. Aggregators & Brokers | Constellation Energy , . RedBird has been active in the financial institutions space with deals to buy alternative asset management platform Vida Capital and life insurance-focused asset manager Avmont. Disclosed limited partners included Los Angeles County Employees Retirement Association. The Constellation Affiliated Partners businesses will be combined into Truist Insurance Holdings CRC Group, a national wholesale distributor of specialty insurance products. In order to further strengthen its insurance business, Truist Insurance Holdings, a subsidiary of Truist Financial Corporation TFC, has announced a deal with RedBird Capital Partners to acquire. No claim to any government works or material copyrighted by third parties. CONSTELLATION AFFILIATED PARTNERS LLC in Wilmington, DE | Company Info Company Information Sponsored Links Company Contacts This company has not listed any contacts yet. 2008-2023 Sovereign Wealth Fund Institute. We will be bringing new programs and products to market, expanding capacity relationships, and continuing our focus on and commitment to data, analytics, and technology. The Constellation Affiliated Partners businesses will be combined into Truist Insurance Holdings CRC Group. LLC, reducing the amount of capital deployment available for acquisitions or share repurchases to approximately $1 billion to $2 billion through 3Q22. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "opportunity," "plans," "projects," "could," "may," "should," "will" or other similar words or expressions are intended to identify these forward-looking statements. Evercore served as financial advisor, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Constellation Affiliated Partners in this transaction. View competitors, revenue, employees, website and phone number. Constellation Affiliated Partners was formed by RedBird Capital Partners in 2019 and has grown rapidly through a series of strategic acquisitions. INSUREtrust is also pleased to announce promotions within its management team. Constellation Affiliated Partners LLC in New York, NY - (212) 235-1000 Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services; Crump Life Insurance Services; AmRisc; and its premium finance companies (AFCO Credit Corp., Prime Rate Premium Finance Corp., and CAFO). 667 Madison Avenue 16th Floor, New York, New York 10065 United States, www.constellationap.com. Steven Pacholick - .. - Constellation Affiliated Partners | ZoomInfo CONSTELLATION AFFILIATED PARTNERS LLC - Bizapedia RedBirds network of business founders and entrepreneurs is central to its investment sourcing strategy, and its highly curated group of limited partners are active co-investors who provide scalable capital support. Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. Insurers raising rates or exiting: Swiss Re, 2. Constellation Weatherford Capital We will be bringing new programs and products to market, expanding capacity relationships, and continuing our focus on and commitment to data, analytics, and technology. Constellation Affiliated Partners will become a part of the Truist Insurance Holdings' CRC Group, and upon completion of the deal, Constellation is expected to contribute around $160 million in . The Most Advanced Company Information Database Enter company name. Truist Insurance Holdings and its wholesale insurance subsidiary CRC Group have closed on the acquisition of Constellation Affiliated Partners, an insurance distribution platform operating seven managing general agents (MGAs) and program managers. city,state,zip,county . Financial terms were not disclosed. New York-based RedBird describes itself as a provider of long-term, flexible capital that maximises its ability to build companies and compound value over time in partnership with owners and entrepreneurs. This new partnership with Constellation Affiliated Partners will provide us with the opportunity to broaden our technology enabled solutions, continue to develop our risk management platform and propel us to new heights, said Christiaan Durdaller. CRC Groups new Specialty Programs Division now places more than $2.4 billion in premium across more than 10 industry and specialty segments. Constellation Affiliated Partners LLC. As first reported by this publication last year, former Integro CEO Goldstein had teamed up with private equity investment firm RedBird to create a platform to buy-up entities in the US insurance market. He said CRC will also continue to seek strategic acquisitions. Evercore served as financial advisor, and Fried, Frank, Harris, Shriver & Jacobson served as legal counsel to Constellation Affiliated Partners. Constellation Affiliated Partners acquires INSUREtrust - GlobeNewswire Bill Goldstein, who joined CRC Group from Constellation, will serve as CEO of CRC Groups Specialty Programs Division. INSUREtrust, located in the Atlanta metro area, is a national insurance wholesaler that seeks to simplify insurance. ", "The Constellation Affiliated Partners transaction is a key acquisition that will further build out our national programs business," said John Howard, Chairman and CEO of Truist Insurance Holdings. , . Get reinsurance news by email here. This is not intended for business owner or insured use. Constellation Affiliated Partners LLC (CAP), a subsidiary of CRC Insurance Services, Inc., is one of the largest program management operations in North America. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Truist reports third quarter 2021 results - Oct 15, 2021 Constellation Affiliated Partners is a top 10 national Managing General Agent insurance distribution platform. Inflation, cat losses prompt reserve concerns: Report, 6. Consolidation platforms are typically able to benefit from the natural arbitrage between a scaled business and the higher multiple it is valued at and the lower multiples it can roll-up smaller firms for. INSUREtrust has a stellar reputation in the cyber risk marketplace, an experienced team of brokers and underwriters, and a commitment to the development of technology to drive their business, which were driving forces behind this new partnership, said Bill Goldstein, CEO of Constellation. Cision Distribution 888-776-0942 8th July 2021 - Author: Katie Baker CRC Group has closed on the acquisition of Constellation Affiliated Partners, more than doubling the size of its Specialty Programs Division and creates one of the largest program managers in North America. CAP places upwards of $2.4 billion in annual premium, offering a full suite of underwriting, distribution, and claims management services. Constellation Affiliated Partners. Truist Insurance Holdings has agreed to acquire Constellation Affiliated Partners from RedBird Capital Partners. "It significantly expands our wholesale division, allowing us to double our programs business, and brings greater diversity to the types of programs we can provide clients by adding their complementary offerings.". Bill Goldstein, who joined CRC Group from Constellation Affiliated Partners, will serve as CEO of CRC Groups Specialty Programs Division. If you are not a licensed agent please disregard this communication. No claim to any government works or material copyrighted by third parties. Evercore served as financial advisor, and Fried, Frank, Harris, Shriver & Jacobson served as legal counsel to Constellation Affiliated Partners. Enter company name. En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. Constellation Affiliated Partners was formed by RedBird Capital Partners in 2019 and has grown rapidly through a series of strategic acquisitions. constellation affiliated partners llc constellation affiliated partners constellation affiliated partn Constellation Affiliated Partners Global Presence Search All Employees CRC Group to Acquire Constellation Affiliated Partners CRC Group announced today that it has signed a definitive agreement with RedBird Capital Partners to acquire Constellation Affiliated Partners, an insurance distribution platform operating seven managing general agents (MGAs) and program managers. Constellation Affiliated Partners Mergers and Acquisitions Summary Expanding our insurance business remains a key priority for Truist as we continually look for ways to enhance our offerings and introduce new clients to Truist, said Kelly S. King, chairman and CEO of Truist Financial Corp. John Howard, chairman and CEO of Truist Insurance Holdings, said the deal doubles its programs business and brings greater diversity to the types of programs. NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Constellation Affiliated Partners (Constellation) today announced the acquisition of INSUREtrust, a specialty wholesale broker and MGA headquartered in Atlanta, Georgia. CRC Group announced today that it has signed a definitive agreement with RedBird Capital Partners to acquire Constellation Affiliated Partners, an insurance distribution platform operating seven managing general agents (MGAs) and program managers. Dave Obenauer, CEO of CRC Group commented: We are excited to welcome Constellation Affiliated Partners into the CRC Group family. This is not intended for business owner or insured use. Sign up to get PRNs top stories and curated news delivered to your inbox weekly!
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