Trucordia to receive $1.3 billion Carlyle investment at $5.7 billion valuation

By Michael Jones

June 4 - (The Insurer) - Trucordia will receive a $1.3 billion strategic investment from Carlyle's Global Credit platform, the brokerage said on Wednesday.

The transaction, which is expected to close this month, values Trucordia at $5.7 billion.

The brokerage said the transaction will reduce its leverage and simplify its governance structure by repurchasing units from existing minority investors. It will also provide the company with long-term financial flexibility to pursue a variety of strategic outcomes.

Trucordia is a top-20 U.S. insurance brokerage offering an array of commercial and personal lines, life and employee benefits insurance solutions.

"This investment and partnership with Carlyle will meaningfully strengthen Trucordia's long-term financial and ownership structure and accelerate our transformational growth strategy," said Felix Morgan, CEO of Trucordia, who also highlighted "momentum from the recent rollout of our platform operating model, leadership appointments, and latest acquisitions".

The brokerage, which rebranded from PCF in October 2023, secured a $500 million preferred equity investment in February 2023, which was co-led by Carlyle's Global Credit platform and private equity firm HGGC. That investment valued the broker at $4.7 billion. Carlye's Global Credit platform had $199 billion in assets under management as of March 31, 2025.

JP Morgan acted as sole adviser and placement agent to Trucordia in connection with the latest transaction. Orrick, Herrington & Sutcliffe LLP served as legal counsel to Trucordia, while Latham & Watkins LLP served as legal counsel to Carlyle.