Trucordia restructures capital with debt refinancing and Carlyle investment

Move will strengthen company's financial position

Trucordia restructures capital with debt refinancing and Carlyle investment

Insurance News

By Josh Recamara

Trucordia has completed a debt refinancing initiative alongside a $1.3 billion strategic investment from Carlyle. The move is intended to strengthen the company’s financial position and support its growth plans.

“These transactions are transformative for Trucordia, creating new financial and governance structures that will support the company’s continued growth, “ said Felix Morgan, chief executive officer of Trucordia. “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.”

The refinancing package includes a $1.94 billion first lien term loan B and a $548 million second lien term loan B arranged with Blue Owl Capital. The company also secured a $400 million revolving credit facility. Proceeds will be used to replace Trucordia’s previous unitranche debt, with the aim of improving cost efficiency and financial flexibility.

The Carlyle investment was made through its Global Credit platform. As part of the transaction, Trucordia repurchased equity interests held by minority investors and revised its governance structure.

JPMorgan Chase served as financial advisor and will act as administrative agent for the new credit facility. Legal support for Trucordia was provided by Orrick, Herrington & Sutcliffe, while Carlyle was advised by Latham & Watkins and Skadden, Arps, Slate, Meagher & Flom.

Trucordia, formerly known as PCF Insurance Services, is based in Lindon, Utah. The company operates over 200 offices across approximately 40 states and employs more than 5,000 people. It manages in excess of $8 billion in premium volume and offers a range of insurance solutions across commercial, personal, employee benefits and specialty lines.

In October 2024, the firm underwent a rebrand to Trucordia as part of a broader effort to unify its operating structure. The company continues to focus on building out national and regional platforms, particularly in sectors such as healthcare and transportation.

Trucordia completed 22 acquisitions in 2024 and five in the first half of 2025. The company has shifted to a more selective acquisition strategy, focusing on firms with around $20 million in EBITDA and aligning them with its integrated platform.

The company said it continues to evaluate strategic options to support its long-term objectives, including potential future investments, a public offering, or a sale.

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