By Chris Wack

Truist Financial Corp. said its Truist Insurance Holdings subsidiary is buying BenefitMall from funds managed by global investment firm Carlyle Group Inc.

The company said the transaction will add $150 million of annual revenue to Truist Insurance Holdings' wholesale division.

Financial terms weren't disclosed. The transaction is expected to close in the third quarter of 2022.

BenefitMall provides medical, dental, life, vision and long-term care benefits technology. It will be combined into CRC Group, a national wholesale distributor of specialty insurance products.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

August 08, 2022 08:33 ET (12:33 GMT)

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