Latest news with #Trucordia
Yahoo
2 days ago
- Business
- Yahoo
Trucordia wraps up debt refinancing to enhance capital structuring
Trucordia has concluded a debt refinancing process that is expected to improve its capital structure and support its ongoing growth strategy. The refinancing coincides with a $1.3bn investment from the Carlyle Group, announced earlier this month. The investment from Carlyle is intended to provide Trucordia with the necessary financial flexibility to pursue a variety of strategic initiatives and to allow for the repurchase of equity from current minority shareholders, thus simplifying the company's governance. The refinancing includes a $1.94bn first lien term loan B and a $548m second lien term loan B, arranged with Blue Owl Capital. Additionally, Trucordia has arranged a $400m revolving credit facility to support its future investment plans. The proceeds from this refinancing will be used to replace the company's existing 'unitranche' debt. Trucordia CEO Felix Morgan said: 'These transactions are transformative for Trucordia, creating new financial and governance structures that will support the company's continued growth. 'They reflect both the significant work we have done in the last four years to build the nation's next great insurance brokerage and the confidence in our strategy to accelerate our success.' JPMorgan Chase acted as the financial advisor for the refinancing and will also serve as the administrative agent for the revolving credit facility. Legal advice was provided by Orrick to Trucordia. In the first half of 2025, Trucordia completed five strategic acquisitions and implemented a new platform operating model to achieve economies of scale. "Trucordia wraps up debt refinancing to enhance capital structuring " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
05-06-2025
- Business
- Yahoo
US insurance broker Trucordia secures $1.3bn from Carlyle
Trucordia has disclosed a $1.3bn investment from private equity firm Carlyle, valuing the insurance brokerage at $5.7bn. The transaction is expected to conclude within the current month. This investment is set to provide Trucordia with the financial leeway necessary to pursue various initiatives. It will also streamline the company's governance framework by enabling the repurchase of equity held by current minority investors. Trucordia chief financial officer Brandon Gray stated: 'The investment from Carlyle will reduce Trucordia's leverage, fortify our balance sheet and enhance our financial flexibility. We are well positioned to continue making the right investments in our business moving forward.' Based in Lindon, Utah, the company offers insurance products including commercial, personal, life and employee benefits insurance. Carlyle's Credit Opportunities team, part of the Global Credit platform, led the investment with a strategy that targets family owned, founder-led and management-owned entities, sponsor-backed companies and special situations. As of 31 March 2025, Carlyle's Global Credit platform had assets worth $199bn. J.P. Morgan was the sole advisor and placement agent to Trucordia for this deal. Orrick, Herrington & Sutcliffe provided legal counsel to Trucordia, while Carlyle was legally advised by Latham & Watkins. Trucordia CEO Felix Morgan said: 'This investment and partnership with Carlyle will meaningfully strengthen Trucordia's long-term financial and ownership structure and accelerate our transformational growth strategy. Alongside momentum from the recent rollout of our platform operating model, leadership appointments and latest acquisitions, I have never been more excited about what the future holds for Trucordia.' Last month, Trucordia acquired Virginia-based Huffman Insurance, which offers auto, home, business and life insurance solutions. Trucordia was formerly known as PCF Insurance Services and was rebranded in October last year. "US insurance broker Trucordia secures $1.3bn from Carlyle " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
04-06-2025
- Business
- Reuters
Insurance brokerage Trucordia valued at $5.7 billion after Carlyle's strategic investment
June 4 (Reuters) - Insurance brokerage firm Trucordia received a $1.3 billion strategic investment from global investment firm Carlyle (CG.O), opens new tab, valuing the company at more than $5.7 billion, it said on Wednesday. The investment is expected to reduce Trucordia's leverage and simplify its governance structure by repurchasing units from existing minority investors. The U.S.-based brokerage offers commercial and personal insurance, life insurance, and employee benefits solutions. The transaction, which is expected to close this month, provides the company with long-term financial flexibility, Trucordia said. J.P. Morgan acted as financial advisor to Trucordia.
Yahoo
08-05-2025
- Business
- Yahoo
Trucordia buys Virginia's Huffman Insurance
Trucordia has purchased the insurance business of Virginia-based Huffman Insurance, for an undisclosed sum. Operating for over 50 years, Huffman Insurance has offices in Lexington, Staunton, and Covington, US. Originating as a family-owned agency in Lexington, the company has grown to employ a team of professionals offering auto, home, business, and life insurance solutions. Trucordia CEO Felix Morgan said: 'We're excited to bring Huffman Insurance's long-standing tradition of client service and community commitment into Trucordia. Their strong reputation, deep roots in Virginia, and dedication to delivering exceptional insurance solutions make Huffman Insurance a perfect fit for our growth strategy and vision for the future.' The deal is part of Trucordia's growth initiative, which focuses on acquiring high-potential businesses, as highlighted during its rebranding from PCF Insurance Services. Its framework is built upon optimising operations with a regional management structure, creating a unified service foundation, and expanding the network through acquisitions. In February, the company acquired Boater's Insurance Agency, a marine insurance specialist based in the San Francisco Bay Area. Boater's Insurance Agency, founded in 1989, is known for offering marine insurance solutions. Additionally, in January, Trucordia purchased Rusty Healy Insurance Agency, a Mississippi-based insurance provider, providing include auto, home, business, and life insurance. "Trucordia buys Virginia's Huffman Insurance " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-04-2025
- Business
- Yahoo
Trucordia Appoints Rocky Steele as SVP of Business Development
Trucordia today announced the appointment of Rocky Steele as its new Senior Vice President (SVP) of Business Development. In his new role, Steele will lead Trucordia's strategic M&A activities, as well as manage community and government relations. LINDON, Utah, April 24, 2025 /PRNewswire/ -- Trucordia today announced the appointment of Rocky Steele as its new Senior Vice President (SVP) of Business Development. In his new role, Steele will lead Trucordia's strategic M&A activities, as well as manage community and government relations. "Executing on our M&A strategy is key to Trucordia's future growth, as we seek to add quality insurance businesses with high-growth potential to our team," said Trucordia CEO Felix Morgan. "Rocky's extensive experience in M&A and integrations will be invaluable as we enhance and fine-tune our business alignment to support sustainable revenue growth in the future." Steele joined Trucordia in 2023 as its SVP of Legal and Compliance, where his responsibilities included leading legal processes related to initial deal identification, due diligence, negotiations, and post-integration support. In 2024, Trucordia appointed Steele to SVP of Operations, overseeing the company's integrations, agency management system (AMS) migrations, and carrier relations and operations. Now, as SVP of Business Development, Steele will expand on his previous experience to identify and cultivate M&A prospects, ensuring M&A efforts align with the company's strategic focus of building business maturity as a cornerstone of its long-term organic growth. In furtherance of this goal, Trucordia's operating model will bring to bear operational efficiencies and economies of scale, protect enterprise value, and support front-line growth. "As I start this new chapter at Trucordia, my main goal will be to identify and attract businesses with the highest growth potential in target industries and markets that expand offerings to our clients," Steele said. "Through our transformational growth strategy and our company's new platforms architecture, Trucordia will continue to team up with highly successful businesses eager to expand their capacity and make improvements to client service." Prior to his time at Trucordia, Steele was a licensed life- and health-insurance agent in Washington State and later in Utah. Since that time, he has served in executive leadership roles across high-growth sectors, including energy and technology. Steele holds a Juris Doctor from the Gonzaga University School of Law, a master's degree from the University of Maryland and a Bachelor of Arts degree from Brigham Young University. About Trucordia Trucordia, formerly PCF Insurance Services, is the group name for a top 20 U.S. insurance brokerage headquartered in Lindon, Utah. The Trucordia group of companies offers a broad array of commercial and personal lines, life and health, and employee benefits insurance solutions. Trucordia is an integrated organization united by a passion to deliver extraordinary opportunities and exceptional experiences for its clients, partners and each other. With more than 5,000 team members across the U.S., Trucordia is a notable leader in the insurance brokerage space, ranking #19 on Business Insurance's 2024 Top 100 Brokers and #13 on Insurance Journal's 2024 Top Property/Casualty Agencies. Visit for more information. Media Contact Trucordia Media Relations, Trucordia, 385-273-2270, communications@ View original content to download multimedia: SOURCE Trucordia Sign in to access your portfolio
