Major insurance broker Truist Insurance Holdings (TIH) will revamp its wholesale operation to create two divisions, effective January 1, 2024.
In a release, TIH said it will establish two key, industry-leading divisions: wholesale and underwriting.
The wholesale division will include TIH’s CRC Commercial Solutions businesses (CRC Brokerage, CRC Binding, and Tapco) and life, retirement, and benefits businesses (BenefitMall, Crump, and Hanleigh). Meanwhile, the underwriting division will include Starwind, AmRisc Group, JH Blades, and Ethos. No changes will apply to any underlying operating brand names or leadership teams for these businesses.
TIH chairman and CEO John Howard said the new structure will enable the company to better serve its clients and carrier partners.
“We’re bringing together businesses with similar operating models, allowing us to achieve efficiency and economies of scale to ensure their continued industry-leading positions. This, in turn, strengthens Truist Insurance’s overall operating strategy, built around a diversified portfolio of top-performing businesses, that many of our peers are seeking to emulate,” Howard said.
As part of the revamp, Neil Kessler (pictured left) will take on the role of CEO of the wholesale division. Meanwhile, Bill Goldstein (pictured center) will serve as CEO of the underwriting division. They will continue to report to Dave Obenauer (pictured right), vice chairman and president of Truist.
Crump Life Insurance Services, part of the TIH wholesale division, will also report directly to Obenauer.
“This decision marks an important moment in our history as we transition leadership to Neil and Bill, who have consistently demonstrated exceptional leadership qualities, strategic acumen, and unwavering commitment to our success,” Obenauer said. “Their promotions are also a testament to the strong leadership pipeline we have within our organization.”
