Truist Insurance Holdings To Acquire BankDirect Capital Finance

(RTTNews) - Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corp. (TFC), on Tuesday, announced signing of a definitive agreement to acquire BankDirect Capital Finance, a nationwide premium finance company, from Texas Capital Bancshares Inc. (TCBI).

Upon closing of the deal, BankDirect will operate as a division of AFCO Credit Corp., Truist Insurance Holdings' existing premium finance operation in the U.S.

The transaction will add over $3 billion in loans to Truist Insurance Holdings' premium finance business—which also includes CAFO Inc., its Canadian operation—while broadening its business into the life insurance arena. The transaction, which is expected to close in the fourth quarter of 2022, is subject to satisfaction of customary closing conditions.